Greaves Electric Mobility, a leading player in electric and traditional three-wheelers, is set to more than double its production capacity for three-wheelers at its facilities in Telangana and Uttar Pradesh by FY27. Known for its brands Ampere, Ele, Greaves, and Eltra, the company is gearing up to meet growing market demand with significant investments in its infrastructure.
Currently operating three manufacturing units—Ranipet in Tamil Nadu, Greater Noida in Uttar Pradesh, and Toopran in Telangana—Greaves Electric is focusing its expansion efforts on the latter two. The Greater Noida plant’s capacity will rise from 21,514 units to 45,896 units, while the Toopran facility will see an increase from 13,538 units to 34,800 units.
“This expansion enables us to better serve the growing demand for three-wheelers, supporting both our current lineup and future models,” the company stated in its draft red herring prospectus. The planned expansion includes an investment of ₹20 crore for Greater Noida and ₹38 crore for Toopran, funded through proceeds from the company’s upcoming public offering.
Greaves Electric Mobility operates three key manufacturing facilities across India, each with a distinct focus. The Ranipet plant specializes in electric two-wheelers, boasting an annual production capacity of 4.8 lakh units. While no capacity expansion is currently planned for this facility, a new battery pack assembly line with a 4 lakh-unit annual capacity will be added.
This line is expected to commence operations by mid-2026. Meanwhile, the Greater Noida plant focuses on electric three-wheelers, operated under Greaves Electric’s subsidiary, Bestway Agencies Pvt. Ltd. The Toopran plant manufactures both electric and internal combustion engine (ICE) three-wheelers and is run by MLR Auto, another Greaves subsidiary. While the three-wheeler segment is on an upward trajectory, Greaves Electric’s two-wheeler brand Ampere is facing challenges. Sales dropped to 47,820 units in FY24 from 1.09 lakh units in FY23, although it remains the company’s largest revenue contributor at 68%.
Greaves Electric Mobility has strategically built a diverse product portfolio to address varied customer needs in the two-wheeler and three-wheeler segments. The product range includes the Eltra, medium-speed electric three-wheelers designed for passenger and cargo applications, priced from ₹3.8 lakh. For traditional fuel options, the company offers diesel and CNG three-wheelers under the Greaves brand, with four models starting at ₹2.9 lakh.
Additionally, the Ele series includes three electric rickshaw models, starting at ₹1.3 lakh, aimed at urban and semi-urban markets. In FY24, the three-wheeler segment played a crucial role in Greaves Electric Mobility’s revenue stream, contributing 28% to the overall earnings. The company witnessed a significant surge in sales within this category, doubling to 13,470 units compared to the previous year. This growth underscores the increasing demand for three-wheelers in both electric and ICE formats, reflecting Greaves’ ability to cater to evolving market preferences.
Greaves Electric Mobility is committed to staying ahead in the competitive electric vehicle market by investing in innovation and expanding its manufacturing capabilities. The planned battery pack assembly line at the Ranipet plant represents a forward-looking approach to meet future demand for electric vehicles.
This initiative aligns with the company’s broader strategy of scaling operations and delivering sustainable mobility solutions. By offering a versatile product portfolio and scaling its manufacturing capabilities, Greaves Electric Mobility continues to reinforce its position as a leader in the Indian electric and three-wheeler markets. The company’s focus on innovation, customer-centric offerings, and operational efficiency highlights its commitment to driving sustainable growth while catering to the evolving needs of a dynamic mobility landscape.
