HOP Electric Mobility to infuse Rs 100 crore for capacity expansionHOP Electric Mobility, a diversified business venture of Rays Power Infra, is looking at investing Rs 100 crore over the next two years to expand manufacturing capacity for electric vehicles.

HOP Electric plans to set up a second manufacturing facility which will take the total capacity to 5,00,000 units per year by 2023. The company is looking at raising resources to fund its expansion plans.

The company offers two electric scooters—HOP LEO and HOP LYF—in local market. The products deliver a range of 70-120 km and retail between Rs 72,000 and Rs 95,000, depending on the state of sale. A third product, an electric motorcycle OXO, is scheduled for launch in February 2022.

To shore up volumes, the company is looking at launching 10 new products over the next three years.

HOP Electric also plans to put in place a battery swapping and charging network across the country by the end of 2023. Its pilot network with five swapping stations and 50 batteries has already started operation in Jaipur, Rajasthan and the brand is now planning to further expand in other cities and states.

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