This is a quick update on the production plans for Free Electric. I’m sure you have many questions, and hopefully this will answer some of those.
As you know, the India pilot testing is currently underway, and will last for a couple of months. While that’s happening, we’re in the process of setting up three manufacturing plants: one in Singapore and two in India.
Those plants will build Free Electric production lines that are identical to the one we built at Stage 2 to make the bikes for the pilot. In fact, we used the pilot as a way to optimize the production line so that it could be replicated easily in other places.
Because the Singapore plant will probably be up and running first—likely in the next few months—the bikes coming out of Singapore will be shipped to India until the Indian facilities are ready. We’re aiming for production in India to begin sometime this summer.
Once India’s Free Electric production lines are running, the Indian plants will supply India, and we’ll send the bikes being produced in Singapore to other regions of Southeast Asia that have expressed interest. Eventually, we could set up production lines anywhere in the world where there’s sufficient infrastructure and the right distribution networks.
We estimate the cost to produce and distribute a bike will be about 17,000 rupees, or $US 250. We’re not looking to make a profit, so that’s what we’ll sell them for as well, if not for less.
Finally, I want you to be among the first to see our new short video clip updating everyone on the Free Electric project. Please take a look. We’ll be posting it to our social media pages tomorrow.
I’ll be sure to keep you posted as we have more news to share.