New Delhi, March 31, 2018: Hyderabad based Goldstone Group, which sells electric buses in India in collaboration with China’s BYD, is investing Rs 500 crore to set up its second manufacturing facility, in Karnataka.
According to the reports published in auto.economictimes.indiatimes.com by Sharmistha Mukherjee The facility, with capacity to roll out 1,500 electric buses a year, will be operational by the end of the year, company officials said.
The resources will also be used to develop a battery-manufacturing unit to keep vehicle prices competitive.
“We will have total installed capacity to roll out 2,100 electric buses across our two facilities in Telangana and Karnataka by the end of the year,” said NK Rawal, managing director at Goldstone Infratech. “We have also firmed up plans to package cells to increase localisation content in our vehicles,” he said.
Besides, serving the requirements in the domestic market, Goldstone would also start exporting buses under the BYD brand to neighbouring countries.
Localisation content in electric buses sold by Goldstone-BYD currently stand at around 35%. Efforts are on to increase this to over 60% in the next 18 months. The company has started identifying vendors and developing a local supplier base to keep vehicle prices competitive.
Rawal said the potential to sell electric buses in India is huge. “As many as 1,00,000 buses are sold in India every year. Even 5% of this converts to electric, there is opportunity to do business worth Rs 10,000 crore over two years,” he said.
Goldstone has also completed trials of its electrical buses in Delhi, Bengaluru, Hyderabad, Rajkot and Chandigarh.