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ElectroTherm India spins off electric vehicle segment

November 24, 2008 - by Emma Ritch, Cleantech Group
Steel and engineering firm demerges electric vehicle and scooter division to focus on core business and solar.

Gujarat, India-based steel and engineering firm Electrotherm India plans to spin-out its electric vehicles division because of poor performance.

The demerging could take about eight months by business consultancy KPMG, the company said.

The Yo Bykes line has impeded the growth of the Rs. 13 billion company, officials said when making the announcement.  The demerger is expected to attract investments to the steel division.

The electric vehicle sector is expected to look at backward integration as an application for its technology, the company said.

ElectroTherm started the vehicle division in 2006, with battery-operated bikes and plans for electric three- and four-wheeled vehicles and hybrid-electric low-floor buses.

Its electric scooter, Yo Smart, has a range of about 50 kilometers at about 25 kilometers per hour, the company says.

ElectroTherm India's new focus will also pursue the solar sector, officials said. 

Copyright © 2008 Cleantech Group LLC. All rights reserved, including right of redistribution.

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Comments

This is surprising news,

Submitted on November 25th, 2008 by ZAPINO (not verified)

This is surprising news, because electric scooters such as the Velociti, Yo, Optima are doing very well in India where it costs about 10 paisa (.2 cents) to go one kilometer on an electric scooter. In fact electric scooters are performing really well all over with the Zapino being one of EV manufacturer ZAP's best selling products.

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