HOP Electric eyes 3-fold jump in sales in 2024, to launch mass-mkt e-bike

HOP Electric is targeting up to three-fold rise in its annual sales in 2024 and is preparing to launch an electric motorcycle equivalent to the mass market entry level bikes of conventional engines to shore up volumes, according to company Founder & CTO Rahil Gupta. The company, which has two electric scooters and an electric bike in its portfolio, is also looking to raise around USD 25 million next year to fund production capacity expansion. "In the last three years we have been growing 100 per cent each year. I think 2024 will be no different," Gupta said when asked about the outlook for the next year. On absolute sales volumes, he said,"This year I think we will sell about 20,000 electric scooters and motorcycles and next year we will be trying to push it to around 50,000 to 60,000 units." When asked about future product plans, he said the company has been working on its new platform 'Nimbus' to develop an electric bike equivalent to a 100 cc conventional engine motorcycle, one

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