- PMV Motors initially announced the budget-oriented EaS-E EV in November
- Unfortunately, the company failed to secure funding from the Shark Tank investor team
- The entry-level version of the PMV EaS-E carries an ex-showroom price tag of Rs 4.79 lakhs
After unveiling the EaS-E in November, the company behind the affordable electric car, PMV Electric, has made an appearance on the second season of the Indian TV series Shark Tank. The features of the new EV were presented to the investors or ‘sharks’ by the CEO and founder of PMV, Kalpit Patel.
Considering the popularity of low-cost EVs in the industry, Patel’s company sought an investment of Rs 1 crore in return for a 1% equity in the automotive startup. Interestingly, the EaS-E has been certified as a quadricycle, which gives it a unique edge over EV industry mainstays such as Tata Motors, which sells the Tiago EV hatchback in the sub-Rs 10 lakhs segment.
Also Read: Meet EaS-E Electric car that costs less than Tata Tiago EV
While the sharks and Patel couldn’t reach an agreement on the initially proposed terms, Shaadi.com founder and one of the investors on the show, Anupam Mittal, countered the initial proposal with an offer to invest Rs 60 lakh and Rs 40 lakh in debt for 4% of the firm. The negotiations went on for a couple of rounds but didn’t bear much fruit.
While Shark Tank investors weren’t ready to invest in PMV Electric, there’s no doubt that the startup will find several other takers, particularly after the exposure it has now received through the show. While EVs are definitely growing in popularity, there’s always going to be sufficient demand for an affordable vehicle, especially as fuel prices refuse to abate.
PMV EaS-E specifications and price
Thanks to the vehicle’s official launch back in November, we already know everything about the hardware featured on the EaS-E. The electric motor on the EaS-E can deliver 13bhp of power with 50Nm of peak torque, translating to a maximum speed of 70 kmph. This is backed by a Lithium Iron Phosphate battery capable of running up to 120 km when full, while the two pricier variants can run for up to 160 km and 200 km.
There are certain benefits to having a smaller battery underneath, primary among these is the EV’s ability to recharge in less than four hours with a standard power outlet used in most homes. Moreover, the EaS-E features a touchscreen infotainment system, a digital instrument cluster, cruise control, regenerative braking, and something known as the”feet-free driving” mode. Customers will also welcome the inclusion of features like remote parking assist with the help of a paired mobile device.
PMV Electric will sell the EaS-E in 11 colours — Vintage Brown, Royal Beige, Funky Yellow, Deep Green, Majestic Blue, Passionate Red, Peppy Orange, Brilliant White, Sparkle Silver, Pure Black, and Rustic Charcoal.
The three models of the EaS-E are expected to cost Rs 4.79 lakhs, Rs 6.79 lakhs and Rs 7.79 lakhs (both ex-showroom), respectively, making it significantly cheaper than the Tata Tiago EV. However, there are some obvious limitations here, such as its ability to seat only two people at a time, including the driver.