On Thursday, SRIVARU HOLDING LIMITED SVMh said it has obtained certification from India’s Central Motor Vehicles Rules (CMVR) agency for PRANA 2.0 models, including PRANA Grand and PRANA Elite.
The regulatory approval marks a significant achievement in SRIVARU’s mission to deliver its transportation solutions to India’s rapidly expanding electric two-wheeler market.
The certification of PRANA 2.0, high-speed electric motorcycles, under India’s updated CMVR is a landmark achievement for the company.
The CMVR certification process involved extensive testing, from battery safety protocols to environmental impact assessments.
The PRANA 2.0 series consists of the Grand and Elite models. It has a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in less than 4 seconds.
The company claims that the PRANA 2.0 is the fastest and most efficient electric motorcycle in its class available in India today.
Furthermore, CMVR certification opens the door to significant market opportunities. India’s electric vehicle (EV) market is experiencing rapid expansion, particularly in the premium yet affordable segment, which has seen a year-on-year growth of over 23%.
CMVR certification is a federal approval and marks the final step towards obtaining technical clearance from the Road Transport Authority of India.
Mohanraj Ramasamy, CEO of SRIVARU, said: “Getting CMVR certification for PRANA 2.0 models is a key milestone required to start generating revenues… We are gearing up to start delivering PRANA 2.0 to our customers.”
Last week, SRIVARU received a favorable decision from the Nasdaq Hearing Panel granting the company's request to continue listing on the Nasdaq, and is expected to provide SRIVARU with the necessary time to implement its plan to regain compliance with Nasdaq listing requirements.
Price Action: At last check on Thursday, SVMH shares were up 1.16% to $0.087 during the pre-market session.
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