Vega Innovations

Vega Innovations is a Sri Lankan electric vehicle manufacturer, founded in Colombo in December 2013 and affiliated with the CodeGen International Group. The brand focuses on the research, development, and manufacturing of high-performance electric supercars and core EV components. The Vega EVX, the first fully electric supercar in South Asia, serves as its status symbol, while the company also designs and manufactures high-performance inverters, drive systems, and battery packs. Vega Innovations is currently the only supercar manufacturer in Sri Lanka and is regarded as a pioneer in the South Asian electric vehicle sector.

Development History

Vega Innovations was co-founded by Dr. Harsha Subasinghe and Dr. Beshan Kulapala. The former is the CEO of CodeGen International Group, holding a PhD in Artificial Intelligence and Software Agents from City, University of London; the latter previously worked at Intel USA, abandoning his overseas career to return home for development. The original intention of the brand's founding was to inspire the younger generation of Sri Lanka through independent R&D. Lacking automotive engineering experience in the early days, the team relied on local graduates to learn on the job to complete prototype design, taking seven years to turn the first fully electric supercar in South Asia from blueprints into reality.

On January 19, 2020, the brand's first mass-production model, Vega EVX, departed from the Port of Colombo to debut at the 90th Geneva International Motor Show, acclaimed as the first fully electric supercar in South Asia. Subsequently, the brand was impacted by the pandemic, and the show was cut short ahead of schedule, failing to attract global investment for mass production launch as planned. In June 2022, Vega Innovations reached a cooperation with the Sri Lanka Energy Program Project funded by the U.S. Agency for International Development to jointly promote the commercialization of electric vehicles in Sri Lanka, including electric three-wheelers and locally designed and manufactured batteries and inverters. The brand also pioneered the end-to-end electric vehicle charging network in Sri Lanka.

In October 2025, Vega announced it was developing Sri Lanka's first autonomous vehicle, combining advanced AI and robotics technology to build high-precision real-time models of the vehicle's surrounding environment using a sensor fusion strategy—combining visual navigation with LiDAR. The project is based on CodeGen's technical accumulation in the field of robotics and automated systems. The current challenge lies in optimizing AI models to run efficiently on vehicle processors. In early 2026, the then-Minister of Industry and Enterprise Development of Sri Lanka visited Vega Innovations' factory in Maladana, witnessing their electric supercar and 100% locally manufactured electric three-wheeler technological achievements. The minister stated that supportive policies would be formulated to eliminate barriers to eco-friendly products in local and international markets.

Product Portfolio

Vega EVX: The brand's first fully electric 2-door 2-seater supercar, handcrafted carbon fiber body, dual-motor all-wheel drive, combined maximum power of 815 hp, peak torque of 760 Nm, 0-100 km/h acceleration in 3.1 seconds. Currently equipped with a 55kWh battery pack, official range of approximately 300 km. Plans to launch a 130kWh high-capacity version in the future to extend the range to approximately 750 km. The exterior of Vega EVX has a similar silhouette to the Ferrari 458. The front splitter features a carbon fiber design, and LED light clusters on both sides feature an upward design. It was previously approved by the Traffic Department for road use in Sri Lanka. The vehicle was originally planned for production in 2022, with an estimated starting price of about $56,900, but as of 2026, large-scale mass production delivery has not yet been achieved.

Elektrateq (ETX): Fully electric three-wheeler developed based on Vega EV technology, a localized product meeting the pain points of Asian public transportation and commercial scenarios. Provides multi-functional scenarios including daily commuting, small commercial cargo transport, and taxis. Interior focuses on comfort and tech-savvy configurations. Equipped with a fast charging system, charging to 80% in 1 hour. Integrated solar panels on the roof for auxiliary charging. 75% of parts are locally sourced in Sri Lanka, covering electronic control systems, glass, rubber, and metal components. Jetwing Colombo Seven has become the first corporate client. The brand also provides electrification conversion services for traditional petrol three-wheelers to local three-wheeler owners, with conversion taking only two hours.

Market Performance

Vega EVX was called the "third fastest electric vehicle in the world" by the then-Minister of Industry and Enterprise Development of Sri Lanka. Regarding Elektrateq, the global electric three-wheeler market size was approximately $30 billion in 2025, expected to increase to $32.6 billion in 2027. Vega hopes to capture 10% to 15% of this market share. The company currently has about 128 employees, monthly website visitors about 2,500 people, and annual revenue data has not been publicly disclosed. The brand once attempted to seek global investment at the 2020 Geneva Motor Show to launch mass production, but the show was interrupted due to the pandemic, resulting in a failure to sign agreements.

Core Technology

The electronic and control software of Vega EVX (including liquid-cooled battery packs, motor controllers, electronic vehicle controllers, body controllers, digital infotainment systems, and instrument clusters) are all independently developed and designed by the local team. The company possesses complete capabilities for designing and developing high-performance inverters, drive systems, and battery packs, supporting liquid-cooled battery system designs for pouch cells and cylindrical cells, equipped with automotive-grade battery management systems. The founder of parent company CodeGen holds a PhD in Artificial Intelligence. The brand is building a complete tech stack based on visual navigation and LiDAR in the direction of advanced autonomous driving systems and smart cockpits, while also providing electric vehicle R&D outsourcing services for global customers.

Global Presence

Currently has entered multiple overseas technology cooperation and component export markets, cooperating with global companies to provide OEM and component design services. Parent company CodeGen has branches in the UK, Canada, and the US, providing support for the brand's international R&D and business docking. Plans to use Vega EVX as a flagship card to attract international investment and market attention to enter the global luxury EV niche market, but its mass production schedule has significant uncertainty.

Future Outlook

Vega Innovations' strategic focus will shift from limited luxury high-performance supercars to large-scale commercialized electric mobility products. The Elektrateq electric three-wheelers are seen as a key product for unlocking the multi-billion dollar Asian market. Through localized manufacturing and engineering advantages, the company is expected to capture 10% to 15% of the regional market share. Lifecycle management and mid-term technical iterations for the Vega EVX will continue, but their relative priority will be reduced. In October 2025, Sri Lanka's first fully autonomous vehicle R&D project was launched. In the future, Vega is expected to play a radiating role in local and regional smart mobility systems, gradually transforming from a "niche supercar manufacturer" into a "regional electric mobility technology and product output platform."