GRAND CAYMAN, Cayman Islands and COIMBATORE, India, July 29, 2024 (GLOBE NEWSWIRE) — SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a provider of premium electric motorcycles, announced today that its state-of-the-art electric motorcycle, the PRANA 2.0, has successfully completed its commercial manufacturing and testing cycle and is now available in the Indian market. The PRANA 2.0 is being manufactured and delivered to its product specifications, ensuring a premium experience for Srivaru’s customers. To learn more, please watch the video from SRIVARU’s CEO: www.svmh.ai/webcasts-presentations/.
Now that this significant milestone has been attained, SRIVARU is poised to commence commercial manufacturing with an automated and fully integrated testing line. This advancement not only showcases SRIVARU’S commitment to innovation but also marks a pivotal moment for the Indian two-wheeled electric vehicle (EV) market.
The Company’s first production line, operating on a single shift, boasts an impressive capacity of over 2,000 units per month. This remarkable production capability underscores SRIVARU’s readiness to meet the growing demand for electric motorbikes in India and reinforces its position as a key player in the EV industry.
The PRANA 2.0 stands out in the market with its cutting-edge specifications. Equipped with state-of-the-art battery technology that is unparalleled in India, the PRANA 2.0 promises exceptional performance, reliability, and sustainability. Its innovative design and advanced features make it a top choice for eco-conscious riders seeking a superior riding experience.
Mohanraj Ramasamy, Chief Executive Officer of SRIVARU, commented, “The response to our booking inquiries has been incredibly promising. We expect that PRANA 2.0 will quickly become the market leader in the two-wheeler EV segment within the next one to two years. Our goal is to revolutionize the electric vehicle industry in India and provide our customers with the best-in-class products. SRIVARU is dedicated to leading the transformation of the Indian two-wheeler market with PRANA 2.0. We invite all enthusiasts and potential customers to join us on this exciting journey towards a greener, more sustainable future.”
About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor Private Ltd., a provider of premium electric motorcycles in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The Company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. Additional information about the company is available at: http://www.srivarumotors.com/.
Forward Looking Statements
This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business will generate returns for shareholders. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards; (c) the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) changes in applicable laws or regulations; (e) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (f) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (g) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time under “Risk Factors” in documents filed or to be filed with the SEC by SRIVARU. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.
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