Autoline Ind hits upper circuit on signing an agreement with Kinetic

Autoline Industries Limited has signed an agreement with Kinetic Green Energy and Power Solutions Limited, for the joint development and nationwide marketing of electric bicycles (E-Cycle). These E-cycles will be produced at its Pune plant. 

Autoline Industries, in association with Kinetic, has successfully developed the first 2 models of E-cycles with R&D effort over the last 18 months. Kinetic will aggressively market the range nationally through its PAN India dealership network. These E-cycles will be available for customers in the Indian market by November 2019. 

Autoline will utilize its abilities and existing capacity to manufacture E-cycles. Hence, no fresh investment is required for the product launch at this stage. At present, Autoline has a reserved manufacturing capacity to assemble 9,000 to 10,500 E-cycles per year, which can be expanded to 100,000 E-cycles per year with minimal Capex. Initially, Kinetic and Autoline will introduce E-cycles in two variants and then will gradually introduce more models as per the market's demand. 

These E-cycles offer a top speed of 25 Kmph and can run 25 to 35 km on a single charge. They are equipped with advanced fast charging Lithium-ion batteries. A full charge takes only 3 to 4 hours. The battery is detachable and weighs only 2.45 kg, enabling it to be carried into the home for charging on a simple domestic socket, just like a mobile phone. The vehicle works on an electric-assist principal, thereby the rider can either pedal the bicycle for exercise or save battery or they can use the motor to have a 100% effort-free ride using the electric powertrain.  

This E-cycle can bring transformative benefits for various customers like students in urban or rural areas, delivery boys, small businesses for various commuting, or short-distance delivery needs. 

On Thursday, the stock of Autoline Industries opened at Rs. 28 on BSE. In the early morning session, it hit the upper circuit of 10 per cent at Rs. 28.60 from its previous close of Rs. 26.