EaseMyTrip ventures into electric bus manufacturing, to launch subsidiary Easy Green Mobility

Online travel platform EasyMyTrip.com on Thursday announced venturing into the electric bus manufacturing market through its new subsidiary, Easy Green Mobility, which will manufacture EV buses, with YoloBus serving as its operating arm. YoloBus is a subsidiary of EaseMyTrip.

EaseMyTrip said it is investing Rs 200 crore for extensive research and development (R&D), product development, and manufacturing plant establishment over 2-3 years.

The country's electric bus market is expected to grow at a CAGR of 24 per cent from 2024 to 2030, EaseMyTrip said in a press release. It said that the establishment of Easy Green Mobility aligns with its vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in the country.

“A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum. The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully 'Make-In-India' product," said Rikant Pittie, Co-Founder, EaseMyTrip. 

“Through the FAME scheme, state-level policies and PLI schemes, the government is encouraging the adoption of electric buses across the country. Our new subsidiary, Easy Green Mobility, is a way to support their exemplary efforts and contribute to India’s vision of becoming a global leader in Green Mobility. Moreover, this move aligns with our growth plans to expand the non-air business and will help us establish a strong foothold in the growing EV and eMobility sector," added Pittie. 

The company said it will prioritise manufacturing cutting-edge vehicles equipped with advanced technology and energy-efficient battery systems designed to support long-range travel on a single charge. The initiative will establish a strong foundation for expanding its presence in the urban transportation sector with high demand for electric buses both in the domestic and foreign markets, noted the firm.

Easy Green Mobility will establish a plant capacity of 4,000-5,000 buses in the initial phase, and will ramp up its production capacity going forward.

YoloBus aims to redefine intercity bus travel for Indian passengers through unparalleled services, the press release added.

Easy Trip Planners (EASEMYTRIP) shares zoomed after the news, with the stock ending 10.9 per cent higher for the day at Rs 43.1 apiece on BSE.

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