New facility expected to be fully operational in April 2024

Initial stage designed to provide capacity for over 2,000 electric motorcycles per month

Ability to increase production capacity to over 50,000 electric motorcycles with additional lines and shifts

GRAND CAYMAN, Cayman Islands and COIMBATORE, India, March 14, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (NASDAQ:SVMH, SVMHW))))) ("SRIVARU" or the "Company"), a prominent provider of premium electric motorcycles, today announced that it is near completion of its new, state-of-the-art manufacturing facility in Coimbatore, India, which is expected to be fully operational in April 2024. We expect the new manufacturing facility will initially provide the Company with the capacity to produce over 2,000 bikes per month, operating just a single shift and single line.

The facility incorporates advanced automation systems, expected to significantly enhance manufacturing efficiency and operating margins. The new facility's production capacity has been designed to be able to be expanded with minimal capex requirements through additional lines and multiple shifts, which could support production of more than 50,000/units per year.

Mohanraj Ramasamy, CEO of SRIVARU, stated, "We are thrilled to report rapid progress toward the completion of our new production facility, scheduled to be operational by the end of this month. With the capability to initially produce over 2,000 electric motorcycles per month, coupled with state-of-the-art automation systems, we expect this facility will significantly enhance our manufacturing efficiency and capacity. Moreover, this facility is designed to be highly scalable, which should allow us to ramp up rapidly in order to meet the expected growing demand as we accelerate our go-to-market strategy. As we increase our production and throughput, we also expect to benefit from high incremental margins."

"We are executing on our strategy and now have the infrastructure, first-in-class technologies and a track record of innovation that we believe will enable us to capture a meaningful share of the global EV motorcycle market. The motorcycle market in India alone is forecast to exceed $36 billion by 2027, with the EV segment projected to reach 45-50% of the overall market by 2030. Overall, we believe this new facility is a key milestone that further illustrates our commitment to driving shareholder value, while redefining the standards of sustainability, performance and affordable personal mobility," concluded Mr. Ramasamy.