Speaking on the cancellation of the deal, Joe Bowman, chief executive officer of Ultra Motors, said, "The opportunity cost of selling electric vehicles in India does not fit strategically under this joint agreement. We intend to create shareholder value and positively impact those markets where we operate. We have come to believe India is one of the largest markets in the world. So we are looking forward to develop it independently."
The $3-billion conglomerate Hero Group is making a foray into electric three-wheeler segment, expanding its core portfolio of bicycles and two-wheelers.
Here are the best models in the market right now.
If the drop in sales over the past two years is anything to go by, India's dream of putting seven million electric vehicles on road by the end of this decade has come a cropper.
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