Okinawa to invest 25 mn euros in next 3 years to develop new products

Electric two-wheeler manufacturer Okinawa Autotech on Wednesday said it will invest 25 million euros (over Rs 220 crore) in the next three years on the development of new products and powertrain.

The company said the development will take place at its newly inaugurated first research and development centre in Italy, set up in association with its joint venture partner Tacita.

"The first product designed at the global centre will be an electric cruiser motorcycle that is scheduled to be unveiled in the coming months in India," Okinawa Autotech said in a statement.

A total investment of 25 million euros over the next three years has been planned for developing new products and powertrain, it added.

"Setting up the global R&D centre showcases our ambition to bring the best technologies from the entire world to our Indian customers. The centre will be working on developing futuristic technologies for next-gen electric vehicles," Okinawa Autotech MD and founder Jeetender Sharma said.

He said the company has invested Rs 500 crore along with its key stakeholders towards the development of new products, manufacturing facilities, network expansion and brand building over the last five years.

Okinawa said its global R&D centre will further focus on new product development, upgrading the existing product portfolio and developing an all-new e-powertrain to support the next generation of products.

"The centre will employ nearly 50 specialists both from India and across the world, and soon the company will start its employee exchange programme with Tacita to nurture employees' skills both at domestic and international levels," it added.