SRIVARU Holding Limited (Nasdaq: SVMH, 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 updated on
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 RelationsSRIVARU Holding Limited Email:
ir@srivarumotors.com Phone: +1 (888) 227-8066
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