Kymco and 22Motors launches their joint venture ‘Twenty-Two Kymco’ that will make Ionex electric vehicle batteries for the domestic market.
Kymco has partnered with 22Motors to launch the Twenty-Two Kymco, a joint venture company for the development of electric vehicle technology and infrastructure in India. Under this joint venture company, Kymco and 22Motors will manufacture Ionex electric vehicle batteries in two phases. While in the first phase, the batteries will be imported from overseas, during the second phase, the company will manufacture batteries locally in the country.
Not only that, the new joint venture company also aims to take significant part in the expansion of electric vehicle charging network. For that, the company plans to set up fast charging stations every 1 km in the country. The batteries will be provided to the electric vehicle users on rent at nominal pricing to eliminate the waiting time.
Indian electric vehicle industry has been thriving to grow for quite some time. With the Indian government’s plan to make the country emission free by the end of 2030, the automakers are working on their respective EVs. Alongside cars, two-wheeler industry too is taking great initiative in this strategy. While the existing brands are working on their new products, several global brands are investing and joining hands with the present companies to take part in the initiative. The joint venture company between Kymco and 22Motors is a latest in that trend.