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Ideal Motors unveils Sri Lanka’s first home-grown electric car

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Nalin Welgama, the Founder and Chairman of the Ideal Group, together with a team of expert technicians who are passionate about climate change and migration to electric vehicles, developed Ideal Moksha in their very own green workshop facility in Ratmalana

Ideal Motors unveiled the ‘Ideal Moksha,’ Sri Lanka’s first home-grown fully-electric car at the JAIC Hilton yesterday. Drawing inspiration from the iconic Austin Mini Moke that took the world by storm, the Ideal Moksha is geared to be a game changer for the Sri Lankan market and the most practical solution in the current technology transition phase towards a sustainable, carbon-neutral future.

As the name depicts, ‘Moksha’ is intended to provide a blissful driving experience with advanced technology and design principles embedded in every detail – a new solution for Sri Lanka’s roads that offers style, space, comfort, and connectivity.

Classified as a four-wheeled electric quadricycle, the Ideal Moksha is fitted with a 22.46 kWh Lithium battery that provides a range of up to 200 kilometers on a single charge by plugging into a 15-amp domestic charger overnight. With a weight of just 870 kg, the powertrain provides a speed of 1080 rpm. The interior of the car packs a spacious cabin offering comfortable seating to the driver and 3 passengers.

The car is offered in matching 2-tone exterior colours. The customer can access information, favourite music, and maps using the 7-inch multimedia touchscreen display that comes with Apple CarPlay and Android Auto compatibility. The fully air-conditioned car includes, push start, and alloy wheels. Furthermore, Ideal Moksha offers complete peace of mind with a 2-year warranty on the electric motor as a standard benefit to the customer. The warranty available on the battery will be 5 years from the date of car purchase. Our island-wide aftermarket network will ensure an unmatched level of service.

The Ideal Moksha is expected to offer affordable electric mobility to every segment of society. It is the ideal car for every household in Sri Lanka, especially for the 1.5 million three-wheelers and 4.5 million two-wheelers registered on the island, driving holistic change by empowering drivers with a cost-effective solution to upgrade to a safe and smarter vehicle. The fully automatic car offers 100% torque from start with no gear changes, facilitating ease of learning and a relaxed driving experience. The electric battery means no petrol stations, thereby removing the stress and complications from travel. With these innovations, the Ideal Moksha is set to transform the very nature of commuting and travel in Sri Lanka; it is the ideal vehicle for everyone and anyone, from the corporate executive looking to conserve and the two-wheeler owner looking to upgrade.

Speaking at the occasion, Nalin Welgama, the Founder and Chairman of the Ideal Group said, “My dream of manufacturing a homegrown electric car in Sri Lanka realised today, with the unveiling of our “Ideal Moksha”. This entry-level car has the options and sophistication of cars built by the world’s best auto majors! It gives me immense pleasure to declare that my 35 years of experience in the automobile business has contributed to the making of this car on my home soil. I fervently hope that this signals a beginning of a new era in the manufacture of EVs in Sri Lanka.”

This is just the beginning of this next step for Ideal Motors. Building on the momentum, the Company also unveiled a fully electric moped and a retrofit kit that will enable the migration of a combustion engine to an electric engine. But the Ideal Moksha and other EVs are only one piece of the puzzle; the Ideal Group’s goal is to not simply pass off the energy deficit and costs from fuel to electricity, especially if the sources of electricity are non-renewable. With this in mind, the Ideal Group offers customers a package for a total green solution along with their purchase of the Ideal Moksha to completely power the car using renewable energy. This package is particularly aimed at 5.5 million households that use less than 100 and 200 kilowatts of electricity units per month. The package includes the installation of up to 4 kilowatts of rooftop solar energy, where an average household will be able to meet their daily requirements of energy and completely do away with paying electricity bills.



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HNB Assurance Group surpasses 20% growth mark for third consecutive year

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HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.

HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, “To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders.

Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity. Our Group assets grew by LKR 10 Bn during the year, well exceeding a remarkable total of LKR 51.2 Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.”

“Consistency has been our main focus and certainly the cornerstone of our success”, said Lasitha Wimalaratne, CEO of HNB Assurance PLC. At HNB Assurance, our track record speaks for itself. Year after year, we’ve demonstrated and honoured our commitment to our stakeholders and most importantly to our policyholders.

“I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached LKR 1.61 Bn, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of LKR 10 Bn in GWP, representing a growth of 23%, which is almost twice the industry growth rate,” he said.

Sithumina Jayasundara, CEO of HNB General Insurance said: “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management. Moreover, we made LKR 4.3 Bn in claims, marking a 12% increase from the previous year, reaffirming our commitment to honouring the trust instilled in us by our valued customers.”

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CEAT fortifies brand presence in Sri Lanka with three new premium Shop-In-Shop outlets

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The opening of the SIS outlet at U&H Wheel Service (Above) and at Paramount Tyre Traders

The CEAT brand’s retail presence in Sri Lanka has been further strengthened with the opening of three more premium outlets in the country – two in Colombo city and one in Hanwella, the company announced last week.

The three new CEAT Shop-In-Shop (SIS) outlets are designed to drive brand identity and enhance customer experience at leading dealer outlets. They are located at U&H Wheel Service and Paramount Tyre Traders, both at Prince of Wales Avenue, Colombo 14; and at Sakura Tyre Centre, Hanwella, a news release said.

“Part of a three-year distribution channel expansion strategy by the country’s highest-selling tyre brand, the CEAT Shop-in-Shop concept entails demarcating a dedicated area for CEAT branded tyres within existing multi-brand dealer premises. CEAT furnishes the interior, customer lobby and reception areas of this private space to augment customer comfort.

“Additionally, CEAT Kelani Holdings invests in interior branding, signage, and innovative product display racks to emphasise the tyre offerings available with the channel partner. Besides enhancing the visibility and positioning of the brand, this model is also known to increase the channel partners’ revenue,” the company said.

Elaborating on the company’s commitment to investing in premium retail concepts even in challenging times, CEAT Kelani Chief Operating Officer Mr Shamal Gunawardene said: “When the going gets tough, it is even more important to look for wins for all stakeholders. These SIS outlets add value for our customers, boost sales for our dealers and raise the brand’s presence in the market, benefiting the Company and all its stakeholders. They also ensure that the quality of the retail operation keeps pace with, and does justice to, the brand’s growth and the continuous improvement of the products.”

He said these premium retail outlets are also designed to bring special focus on providing all tyre-related services for passenger cars and SUVs, for which CEAT Kelani manufacturers a range of high-performance radial tyres in Sri Lanka.

Among the services common to CEAT SIS outlets are an extensive range of CEAT tyres at attractive discounts, specialized tyre care and technical expertise, computerized wheel alignment, nitrogen and air pumps for tyre inflation, dedicated customer lounge facilities and easy payment plans for credit card purchases. Some of the outlets also offer a wide range of alloy wheels and car batteries.

The manufacturer of nearly half of Sri Lanka’s pneumatic tyre requirements, CEAT Sri Lanka is considered one of the most successful India – Sri Lanka joint ventures. The joint venture’s cumulative investment in Sri Lanka to date exceeds Rs 8 billion. The company’s manufacturing operations in Sri Lanka encompass tyres in the radial (passenger cars, vans and SUVs), commercial (nylon and radial), motorcycle, three-wheeler and agricultural vehicle segments.

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ComBank stays on growth trajectory in 2023 with notable Q4 performance

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Commercial Bank Chairman Prof. Ananda Jayawardane (left) and Managing Director/CEO Mr Sanath Manatunge

Accelerated lending sees loan book grow by Rs 56.8 billion in three months

Deposits surge by Rs 109.4 billion in final quarter

12-month gross income up 21.82% to Rs 341.6 billion

The Commercial Bank of Ceylon Group lent Rs 56.816 billion in the fourth quarter of 2023 at a monthly average of Rs 18.939 billion to end the year with a loan book of Rs 1.296 trillion, continuing its trend of strong lending growth in support of economic revival.

Robust deposit growth of Rs 109.408 billion was also witnessed in the three months ending December 31, 2023 at a monthly average of Rs 36.469 billion, demonstrating the Group’s strong deposit franchise and focus on financial intermediation in volatile macroeconomic conditions. Deposits grew by 8.60% YoY to Rs 2.148 trillion at the end of the review period.

The Group, comprising of Sri Lanka’s biggest private sector bank, its subsidiaries and an associate, reported in a filing with the Colombo Stock Exchange (CSE) that total assets increased by Rs 156 billion or 6.24% YoY and by Rs 130 billion or 5.15% in the three months reviewed to reach Rs 2.656 trillion as at December 31, 2023.

Gross income improved by 21.82% YoY and by 33.44% in the final quarter to total Rs 341.566 billion for 2023, and interest income grew by 33.84% to Rs 297.646 billion, the Group said. With interest expenses increasing at a higher rate of 53.37% over the year to Rs 211.231 billion, net interest income grew by a marginal 2.07% to Rs 86.415 billion. This was however, a welcome reversal of the negative growth recorded at the end of the preceding quarter, and was made possible by net interest income of Rs 25.534 billion in the fourth quarter, an improvement of 16.85%.

“We have consistently reinforced our balance sheet strength throughout the year and reaffirmed our position as the leading private sector bank,” Commercial Bank Chairman Prof. Ananda Jayawardane commented. “Our solid performance stands as a testament to our resilience and enduring dedication to serving our customers and stakeholders with distinction. We look forward to building upon this foundation of success and charting new heights of prosperity in the future.”

Commercial Bank Managing Director/CEO Mr Sanath Manatunge noted that the Bank continued to demonstrate its unwavering strength and adaptability amidst a landscape of economic revival and reform. “As the country navigated through the aftermath of challenges flowing from the immediately preceding years, our focused strategy and commitment to stakeholder equity remained steadfast,” he said. “Embracing pivotal reforms and leveraging innovative approaches, we propelled forward, ensuring stability and sustainable value creation for all stakeholders. Our resilience and adaptability in the face of adversity is a testament to the dedication and resolve of the entire Commercial Bank team, whose unwavering commitment remains the cornerstone of our success.”

The Group posted an operating profit before taxes on financial services of Rs 38.885 billion for the full year, and Rs 10.193 billion for the fourth quarter, achieving improvements of 36.77% and 253.81% respectively, the latter due to the higher impairment provisions of the fourth quarter of the previous year.

The Group’s profit before income tax of Rs 33.927 billion for the 12 months recorded an improvement of 38.45%, in contrast to 13.56% at the end of the third quarter. With income tax for the 12 months increasing to Rs 12.027 billion, the Group reported a net profit of Rs 21.900 billion, a decline of 10.25% YoY.

Taken separately, Commercial Bank of Ceylon PLC reported a profit before tax of Rs 31.880 billion for the 12 months, an improvement of 41.07% while profit after tax for the year reduced by 10.92% to Rs 20.461 billion.

The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a strategically-located network of branches and over 950 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

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