Small Cap Stock Surges 6% After Launching New EV Scooter

Shares of Greaves Cotton Limited got a sudden nitro boost on Tuesday after the company announced the launch. The stock surged up over 6% to hit an intraday high of ₹144.25.

What Happened: Greaves Electric Mobility Private Limited, a subsidiary of Greaves Cotton has launched the Ampere Nexus, “the country’s first high-performance family electric scooter.” The Ampere Nexus price start from ₹1,09,900. The vehicle is entirely designed, developed, and manufactured in India.

The Ampere Nexus, available in four colours, features a hybrid swing arm with twin suspension, unique air-cool architecture, and a 7″ TFT Touchscreen with SmartSense technology. The e-scooter also offers the safest LFP chemistry with 1.3 times more cycle life and the fastest charging time of 3hr 22mins.

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The e-scooter, nicknamed ‘The Nex Big Thing’, achieved four iconic records during its pre-launch ride from Kashmir to Kanyakumari. It set the record for the longest electric scooter ride, spanning over 10,000 kilometres, and visited 115 cities and towns in one ride. The scooter also became the first electric scooter capable of towing a pickup truck weighing 1860 kg and an additional 140 kg from two passengers, covering 2 kilometres, the company said in a press release.

The Ampere Nexus is available for booking in two variants (Nexus EX and Nexus ST) online. Test rides and delivery will be available at over 400 dealerships and touchpoints across India starting the second half of May 2024.

Price Action: Greaves Cotton share price was trading 3.79% higher at ₹141.15 in the early hours of trading on Tuesday.

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Note: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.