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Evolution Auto Unveils Sri Lanka’s Largest EV Lineup at Motorshow ʻ 25

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Evolution Auto, the country’s foremost leader in Electrifying transportation, marked a transformative leap for Sri Lanka’s automotive sector today by unveiling the nation’s most extensive portfolio of electric vehicles (EV) at the Motorshow 2025 held at BMICH. Featuring seven all-new models across five global brands, the launch firmly positions Evolution Auto at the forefront of Sri Lanka’s EV revolution, spanning two-wheelers, three-wheelers, commercial vans, lifestyle pickups, and luxury passenger vehicles.

The company’s Luxury passenger EV debut showcased an exceptional range of global marques, including AVATR, XPENG, IM Motors, Riddara by Geely, and KYC. Each model on display reflects a unique fusion of performance, intelligent design, and next-generation technology, underscoring Evolution Auto’s mission to make cutting-edge electric mobility accessible across segments and lifestyles.

As part of the trailblazing lineup, the AVATR-11 a luxury SUV co-developed by Changan, Huawei, and CATL blends sleek styling with ultra-premium features and seamless smart integration. The XPENG G6, now available in over 60 global markets, boasts Sri Lanka’s most powerful EV motor at 190 kW, delivering 0–100 km/h in just 6.6 seconds, thanks to its development by XPENG in collaboration with Volkswagen, Foxconn, and Alibaba. Further elevating the portfolio, IM Motors IM5 Intelligent Gran Coupe and IM6 Intelligent Grand SUV, developed by auto giant SAIC Motor (also behind MG and joint ventures with Chevrolet and GM), introduced intelligent AI-assisted features such as Crab Mode, Rainy Night Mode, and dynamic driver interfaces.

Also unveiled was the Riddara RD6, Sri Lanka’s first Performance Lifestyle Vehicle (PLV) by Geely Holding Group. Combining SUV-grade comfort with true off-road prowess, the RD6 features an 815 mm water-wading depth and 540° camera system, redefining expectations for pickups in the local market. For the commercial segment, KYC’s V5 and V7electric vans offer 9-seater options with superior range, high-efficiency CATL battery systems, and fleet-friendly design, making them ideal for long-term, sustainable business or personal use.

All showcased vehicles are supported by Evolution Auto’s unmatched aftercare with up to 8 years’ battery warranty, 5 years on the vehicle, and a comprehensive 5-year/100,000 km maintenance package. This underscores the brand’s commitment to customer confidence and long-term ownership value.

Commenting on its extensive EV portfolio, Evolution Auto Group CEO Virann De Zoysa said, “Today marks a defining moment in Sri Lanka’s journey toward a more sustainable and technologically advanced mobility future. With the launch of seven new electric vehicle models across five globally renowned brands, we are proud to offer the largest and most diverse EV portfolio in the country that caters to every segment, from daily commuters and commercial operators to premium lifestyle users. Whilst launching new vehicles, this is also about reshaping expectations, building confidence in EV adoption, and setting new standards for what mobility can deliver in the country.” 

To complement its growing EV portfolio, Evolution Auto is rapidly expanding its national footprint. The company will soon open its flagship premium showroom on Duplication Road, with additional display experiences now available at Havelock City Atrium and a dedicated KYC showroom in Peliyagoda. Additionally, Evolution Auto’s new multi-brand EV workshop complex, also opening in Peliyagoda, will offer specialized diagnostics, maintenance, and aftersales service for all its represented brands.

“Our focus is twofold in Sri Lanka which is to bring global EV brands to the country and curate a complete ownership experience that inspires confidence from the very first touchpoint. Each model in our lineup was selected for its unique ability to combine design, performance, and smart technology. From immersive showcases to long-term aftercare, everything we do is designed to elevate the Evolution Auto promise: innovation you can trust, service you can rely on, and mobility that’s truly future-ready,” commented Ashan Wickramasinghe, Head of Marketing at Evolution Auto. 

To further expand its presence across the country, Evolution Auto is ensuring nationwide reach via established partnerships across Kurunegala, Kandy & Matara with further plans to go beyond, reinforcing the brand’s commitment to reliable electric mobility throughout Sri Lanka. As part of the process to encourage & strengthen ownership of Electric Vehicles, Evolution Auto has partnered with Sterling Aftercare to offer services & aftercare to their entire range of vehicles island wide. 

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Nations Trust Bank records PAT of LKR 15.6Bn in 1H 2026 following strategic acquisition

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Nations Trust Bank PLC (NTB) reported a strong performance in the first six months ended 30th June 2026, recording a Profit After Tax (PAT) of LKR 15.6Bn.  Following a PAT of LKR 4.6Bn reported in Q1, the Bank’s performance accelerated significantly in the second quarter with operations commencing 1st May 2026, with the successful acquisition of HSBC Sri Lanka’s retail banking business, with an overall asset growth of 26% and a one-off tax credit attributing to the acquisition.

With the successful acquisition and integration of HSBC Sri Lanka’s retail banking portfolio in May 2026, the Bank consolidated it’s position as the market leader in credit cards and premium retail banking services.  A continued focus on service excellence, digital transformation, and disciplined risk management contributed to NTB’s strong first-half performance.

NTB’s performance is supported by healthy asset growth, stable Net Interest Margins (NIMs) at 5.58%, and disciplined risk management resulting in a Net Stage 3 Ratio of 1.05%. Return on Equity (ROE) increased to 31.33%, reflecting the Bank’s enhanced scale and earnings momentum following the acquisition.

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Milco records Rs.1.49 Billion profit in 2025

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State‑owned dairy company Milco (Pvt) Ltd achieved a historic financial turnaround last year, recording its highest‑ever net profit of Rs.1.49 billion by late 2025, according to Agriculture and Livestock Deputy Minister Namal Karunaratne.

Deputy Minister Karunaratne told Parliament last week that the recovery enabled the company to halt privatization plans, clear debts, and extend unprecedented financial benefits. 

On December 31, 2025, Milco disbursed a performance bonus of Rs.75,000 each to all 1,228 employees. In addition, Rs.180 million in profit‑sharing incentives was distributed among 22,000 dairy farmers, marking the first such payout in 21 years.

He further said that Milco had previously accumulated Rs.3.5 billion in bank loans and Rs.1.7 billion in outstanding payments owed to milk‑supplying farmers, but all debts have now been settled.

He further announced that the long‑delayed Badalgama milk factory project will recommence, with capacity to process up to 200,000 liters of milk daily. 

Plans are also underway to upgrade the National Livestock Development Board’s farm in Nikaweratiya, with an additional Rs.1 billion budget allocated to supply high‑yield dairy heifers and male stock to local farmers.

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Unable to pay debts, Hela Apparel files for winding up

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Hela Apparel Holdings PLC has announced that it has filed an application before the Commercial High Court seeking a court-ordered winding up of the company after its Board concluded that it is unable to pay its debts due to continuing liquidity constraints.

In a filing to the Colombo Stock Exchange, the company said its Board reviewed the financial position of the group, including its realisable assets, liabilities, liquidity levels, indebtedness, expected cash flows and creditor obligations before determining that Hela Apparel Holdings PLC and its subsidiaries, Hela Clothing (Private) Limited and Foundation Garments (Private) Limited, were unable to continue their businesses.

The Board resolved on August 4 to seek a court-ordered winding up under the Companies Act No. 7 of 2007, with applications filed before the Commercial High Court on August 5. The two subsidiaries have also submitted separate winding-up applications.

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