SRIVARU (SVMH) Secures Approval from India's Road Transport Authority for PRANA 2.0, Achieving Final Federal Technical Compliance: Paving the Way for Vehicle Deliveries

Rhea-AI Summary

SRIVARU Holding (NASDAQ:SVMH) has obtained certification from India's Central Motor Vehicles Rules (CMVR) agency for its PRANA 2.0 models, including the PRANA Grand and PRANA Elite. This certification marks the final federal technical compliance, paving the way for vehicle deliveries in India. The PRANA 2.0 series, designed for urban commuters and eco-conscious riders, offers a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds.

The CMVR certification process involved extensive testing, ensuring PRANA 2.0 meets the highest industry standards. This achievement positions SRIVARU to capitalize on the growing demand for electric vehicles in India, where the premium yet affordable segment has seen over 23% year-over-year growth. CEO Mohanraj Ramasamy stated that this milestone is necessary to begin revenue generation and demonstrates the company's commitment to delivering a commercially viable product.

Positive

• Obtained CMVR certification for PRANA 2.0 models, enabling vehicle deliveries in India
• PRANA 2.0 offers 250 km range per charge and 0-60 km/h acceleration in under 4 seconds
• Positioned to capitalize on India's growing EV market with 23% YoY growth in the premium affordable segment
• Final federal technical compliance achieved, allowing full commercial operations

Negative

• None.

Insights

Electric Vehicle Industry Analyst

The CMVR certification for SRIVARU's PRANA 2.0 models is a significant milestone for the company's entry into India's burgeoning electric two-wheeler market. This approval demonstrates SRIVARU's ability to meet stringent safety and performance standards, positioning them well against established competitors.

The PRANA 2.0's specifications are impressive for its class, with a 250 km range and 0-60 km/h acceleration in under 4 seconds. These features, combined with the growing demand for premium yet affordable electric vehicles in India (showing 23% year-over-year growth), present a substantial market opportunity.

However, investors should note that while this certification is crucial, SRIVARU still faces challenges in scaling production, establishing a distribution network and competing with entrenched players. The company's ability to execute its delivery plans and generate revenue will be critical in the coming months.

Financial Analyst

This regulatory approval is a positive development for SRIVARU (NASDAQ:SVMH), potentially catalyzing its transition from a pre-revenue stage to commercial operations. The certification removes a significant barrier to market entry and allows the company to proceed with vehicle deliveries.

Given SRIVARU's current market cap of $33,365,556, investors should closely monitor the company's ability to capitalize on this opportunity and generate revenue. Key metrics to watch in upcoming quarters will include:

• Production ramp-up speed
• Initial sales figures
• Customer reception and early reviews
• Cash burn rate vs. revenue generation

While the news is promising, the company's small market cap suggests it's still in a high-risk category. Investors should be cautious and look for concrete evidence of successful market penetration and sustainable growth before making significant investment decisions.

GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / October 9, 2024 / SRIVARU Holding Limited (NASDAQ:SVMH)(NASDAQ:SVMHW) ("SRIVARU" or the "Company"), a manufacturer of premium electric motorcycles, announced today that it has successfully obtained certification from India's Central Motor Vehicles Rules (CMVR) agency for PRANA 2.0 models, which include the PRANA Grand and PRANA Elite. This regulatory approval marks a significant achievement in SRIVARU's mission to deliver innovative, eco-friendly transportation solutions to the rapidly expanding electric two-wheel vehicle market in India.

The certification of PRANA 2.0, high-speed electric motorcycles, under India's updated CMVR is a landmark achievement for the Company. The newly updated CMVR standards have stringent requirement for vehicle safety, battery efficiency, and long-term durability, making certification a rigorous process. SRIVARU's successful navigation of the updated CMVR underscores the Company's technical expertise and unwavering commitment to executing its vision of delivering high-quality, innovative electric vehicles.

The CMVR certification process involved extensive testing, from battery safety protocols to environmental impact assessments, ensuring PRANA 2.0 meets the highest standards in the industry. This accomplishment reflects the Company's dedication to consumer safety, vehicle performance, and sustainability.

The PRANA 2.0 series, featuring the Grand and Elite models, is designed to offer a superior riding experience with state-of-the-art technology, impressive range, and high-performance capabilities. Built for urban commuters and eco-conscious riders, PRANA 2.0 motorcycles boast a sleek design, advanced safety features, and powerful electric drivetrains, setting a new benchmark in the premium electric motorcycle segment. With an impressive range of 250 kilometers per charge and the capability to accelerate from 0 to 60 km/h in under 4 seconds, the PRANA 2.0 is both the fastest and most efficient electric motorcycle in its class available in India today.

Moreover, the CMVR certification opens the door to significant market opportunities. The electric vehicle (EV) market in India is experiencing rapid expansion, particularly in the premium yet affordable segment, which has witnessed over 23% year-over-year growth. By meeting the stringent requirements of the CMVR, our PRANA 2.0 series are now well-positioned to tap into this growing demand, offering a product that appeals to both eco-conscious and value-driven consumers.

The CMVR certification serves as a federal approval and marks the final step in obtaining technical clearance from the Indian Road Transport Authority. This certification confirms the Company's adherence to India's latest safety, performance, and environmental standards, positioning SRIVARU to capitalize on the growing demand for electric vehicles (EVs) in the country, which is one of the largest two-wheeler markets in the world. With this milestone achieved, the Company is moving forward with full commercial operations and delivery planning.

Mohanraj Ramasamy, CEO of SRIVARU, stated, "Securing CMVR certification for the PRANA 2.0 models is a key milestone necessary to begin revenue generation. This achievement validates our commitment and execution capabilities, from product design to delivering a commercially viable product that combines sleek appeal, innovation, high performance, and quality to the market. We are preparing to start PRANA 2.0 delivery to our customers. We believe this is the perfect moment to build a valuable business given the significant market opportunity and the favorable timing. We will continue to keep stakeholders updatedon our progress."

For more information about the PRANA 2.0 and SRIVARU, please visit https://www.srivarumotors.com/prana-electric-bike or www.svmh.ai.

About SRIVARU 

SRIVARU Holding Limited, a Cayman Islands exempted company, is the parent company of SRIVARU Motor Private Ltd., a commercial-stage provider dedicated to designing and manufacturing 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 E2W vehicles 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. SRIVARU additionally oversees a manufacturing subsidiary set to play a crucial role in achieving the company's vision for sustainable and innovative mobility. Additional information about the company is available at: http://www.srivarumotors.com/. With a focus on innovation, sustainability, and performance, SRIVARU aims to redefine the future of mobility.

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, respectively. 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) the inability to obtain financing to complete the Company's planned expansion; (c) the inability to successfully appeal the Nasdaq's delisting determinations; (d) the risk that current plans and operations of SRIVARU or its subsidiaries are disrupted as a result of the announcement and consummation of the Business Combination; (e) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (f) costs related to ongoing operations; (g) the possibility that SRIVARU may be adversely affected by other economic, business, and/or competitive factors; (h) SRIVARU's ability to execute its business plans and strategies, (i) SRIVARU's estimates of expenses and profitability and (j) other risks and uncertainties indicated from time to time in SRIVARU's public filings with the SEC, including those under "Risk Factors" therein.

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, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU gives no assurance that it will achieve its expectations. 

Company Details: 
SRIVARU Holding Limited 
2nd Floor, Regatta Office Park, West Bay Road 
P.O. Box 10655 
Grand Cayman, KY1-1006 
Cayman Islands 

Investor & Media Contact: 
Investor Relations
SRIVARU Holding Limited 
Email: ir@srivarumotors.com
Phone: +1 (888) 227-8066 

SOURCE: SRIVARU Holding Limited

View the original press release on accesswire.com

FAQ

What certification did SRIVARU (SVMH) receive for its PRANA 2.0 electric motorcycles?

SRIVARU (SVMH) received certification from India's Central Motor Vehicles Rules (CMVR) agency for its PRANA 2.0 models, including the PRANA Grand and PRANA Elite.

What is the range and acceleration of SRIVARU's (SVMH) PRANA 2.0 electric motorcycles?

SRIVARU's (SVMH) PRANA 2.0 electric motorcycles offer a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds.

How does the CMVR certification impact SRIVARU's (SVMH) business operations?

The CMVR certification marks the final federal technical compliance for SRIVARU (SVMH), allowing the company to begin full commercial operations and delivery planning for its PRANA 2.0 electric motorcycles in India.

What is the growth rate of the premium affordable electric vehicle segment in India, according to SRIVARU (SVMH)?

According to SRIVARU (SVMH), the premium yet affordable electric vehicle segment in India has experienced over 23% year-over-year growth.