The Birmingham-headquartered firm is targeting to sell around 2.3 lakh units of its electric bicycles in the next five years in the two countries.
PTI
May 05, 2021 / 04:52 PM IST
Electric Bicycles | PC-Shutterstock
British performance electric bicycle and activewear maker, Gozero Mobility on Wednesday said it will invest 17 million pounds (around Rs 175 crore) in India and Britain for expanding manufacturing operations and retail presence besides enhancing research and development. The Birmingham-headquartered firm is targeting to sell around 2.3 lakh units of its electric bicycles in the next five years in the two countries.
Elaborating on the company’s plans, company Chief Executive Officer Ankit Kumar said, “Gozero Mobility plans to invest GBP 7 million in the UK market to expand research and development activities, increase the retail footprint and set up local assembly units.” Through this, the company aims to create 100 unique jobs in the next five years in the UK market mainly in the new product development segment, he added.
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In terms of sales, Kumar said GoZero is targeting to sell over 80,000 units in the same time frame in the UK market. For the Indian market, GoZero Mobility said it “plans to invest GBP 10 Million” to expand manufacturing and retail presence. It will also boost exports to markets such as Bangladesh, Dubai, Sri Lanka, and Nepal.
In India, the company aims to create 250 jobs in the next five years, it said adding it is targeting to sell over 150,000 units during the period.
