Motovolt acquires stake in German electric OEM

City-based electric two-wheeler manufacturer Motovolt on Friday acquired stake in German original equipment manufacturer (OEM) eROCKIT for expanding global footprint of sales and distribution of its products.

A company statement said that Motovolt has invested one million Euros initially, adding that plans are there to make a total investment of Euro ten million in future in the German firm.

Motovolt said that the Indian electric vehicle (EV) market is growing at a rapid pace with one million vehicles sold last year across categories.

The deal will help transform the Indian EV market and help Motovolt in gaining technical knowhow from the German company.

''Motovolt will also manufacture products of the German company in India which have a high growth potential'', the statement added.