Srivaru (NASDAQ:SVMH) stock is rocketing higher on Friday after the electric motorcycles company announced a launch for its PRANA 2.0.
The PRANA 2.0 is an electric motorcycle made by the company with value in mind. The company has revealed that paid reservations and bookings for this flagship product will start on June 16.
Srivaru notes that it’s also close to completing all road safety tests of the PRANA 2.0. It expects these to be finished by the end of June, and the electric motorcycle will enter production shortly after that.
With these expectations, Srivaru is aiming to complete its first shipments of the PRANA 2.0 later this year. If all goes well, the bikes should start showing up to customers in the third quarter of 2024.
Srivaru CEO Mohanraj Ramasamy said the following about the potential of this launch:
“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. This positions SRIVARU to capitalize on the increasing demand for electric vehicles in one of the world’s fastest-growing markets.”
SVMH Stock Movement Today
Srivaru shares are seeing heavy trading on Friday alongside its product launch announcement. This has more than 201 million shares of the stock changing hands as of this writing. That’s well above its daily average trading volume of about 1.5 million shares.
SVMH stock is up 121.9% as of Friday morning.
Investors will want to keep reading for more of the most recent stock market stories!
We offer all of the latest stock market news worth reading about on Friday! A few examples include what’s going on with shares of GameStop (NYSE:GME), Arm (NASDAQ:ARM) and Adobe (NASDAQ:ADBE) stock today. All of this info is ready to go at the links below!
More Stock Market News for Friday
- GME Stock Alert: Roaring Kitty Appears to Have Exited All GameStop Call Options
- Dear ARM Stock Fans, Mark Your Calendars for June 24
- Will AI Demand Make Adobe (ADBE) Stock the Next Nvidia?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
