EXCLUSIVE: Triton EV founder says it is planning for an IPO soon in the US as the company gears up for its first car launch in India
- Triton EV, called Tesla's rival in the US, is a subsidiary of Triton Solar.
- In an exclusive conversation with Business Insider,
Himanshu Patel, founder of Triton EV, said that the company is in discussions to list in the US.
- Pre-booking for Triton Model H will start from May 10 onwards in India.
In an exclusive conversation with Business Insider, Himanshu Patel, founder of Triton EV, said that the company is in discussions to list in the US. "We are currently in talks for an IPO and are also looking at raising internal funds," Patel told Business Insider.
Triton EV, called Tesla's rival in the US, is a subsidiary of Triton Solar.
After months of talking about a launch in India, the company is finally ready with the dates. Pre-booking for Triton Model H, its first model in the country, will start from May 10.
The Model H is called a ‘Super SUV’ by Patel, and is an 8-seater car. It can go upto 700 miles on a single charge. The company claims it has 1,500 horsepower generated by four wheel-attached motors, and has an acceleration of 0-60 mph in 2.9 seconds.
In the US, where the car was launched last March, Model H costs $140,000. But Patel promises it will be cheaper in India. “But the Model H we are launching in India, is a vehicle made in India. It won’t be directly [sic] that price point, it will definitely be less than what it costs in the US,” he said.
Triton has a manufacturing facility in Pune, where it has a manufacturing capacity of 100 cars in five-six months “We will start pre booking for 1000 cars but we will deliver 100 immediately,” he said.
With the Model H, Patel is competing with the likes of Audi, Mercedes and more, he said. “We have built a car that suits India instead of just making another car,” said Patel.
AdvertisementThe car comes with a solar panelled roof, which offsets the air conditioner usage as well, which is a great advantage, as per Patel, for Indians who have to wait for hours in traffic at times.
But the Model H isn’t where they stop. Patel is accelerating his plans for the India market, where Elon Musk’s Tesla is also set to debut, this year. Triton has plans to launch their N4 model later this year, which will rival the likes of Toyota, Nissan and others.
They are also in talks with various entities for supply of armoured vehicles, making use of their one-way glass bullet proof technology.
AdvertisementAnd for all of this, Triton is pumping $1.2 billion into India over the next five years. Outside of the US, India will be the company’s first manufacturing hub. Triton is also in talks with the Karnataka government for its expansion in the state.
Chief Minister @BSYBJP held a virtual meeting today with Himanshu Patel, CEO and Founder of Triton Electric, on inv… https://t.co/AX4vszH0Di— CM of Karnataka (@CMofKarnataka) 1617639074000
“We are going to use India as a hub for manufacturing and supply to Singapore, Australia and Southeast Asian countries. We are also in talks in Qatar to make the country the hub for Middle East and African markets,” he said.
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