Business

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

Published

4 years ago

2022/07/29

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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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

11 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

11 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

11 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.