Force Motors to Invest Rs 2,000 Crore in Sustainability Drive and Electric Vehicle Development
- ByStartupStory | February 5, 2024
Automaker Force Motors plans to invest around Rs 2,000 crore in the next three to four years on various activities, including sustainability initiatives and electric vehicle (EV) development, according to the company’s Managing Director Prasan Firodia. The company aims to bring electric versions of its van ranges gradually, alongside its conventional engine vehicles.
“Investment will be across conventional engines, EVs, upgrading further engineering facilities, creating a more sustainable environment. It is across the board and across the value chain,” said Firodia in an interview with PTI.
Force Motors, known for its commercial and utility vehicles, showcased its Traveller Electric, Urbania Diesel, and Traveller CNG at the Bharat Mobility Global Expo. The company is committed to electrification while continuing its conventional engine vehicles.
“On electrification, the investment will be anywhere around Rs 200 to Rs 300 crore,” stated Firodia. He mentioned that the first electric offering will be the Traveller Electric, with plans to electrify various variants of Traveller every six months. The Urbania is also expected to have an electric version by the end of next year.
“We are also working on non-passenger transport, more personal vehicles like the Gurkha. So one by one these products will start rolling out (in the electric version). The first vehicle to roll out in this quarter itself would be the Traveller Electric,” Firodia added.
The company’s sustainability initiative aims to have close to 50 per cent of its energy consumed as ‘green energy’ by the middle of this calendar year. While not requiring significant fresh production capacity, Force Motors plans to install its second large paint shop to create additional capacity from a painting perspective.
Regarding the outlook, Firodia mentioned, “Over the last two years, we have grown close to 40 per cent year on year. The momentum right now is very strong, and the market sentiment is very strong.” He expects continued positive momentum with the government’s focus on infrastructure, forecasting 25-35 per cent or more growth over the next few years.
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