Force Motors To Invest Around Rs 2,000 Cr For EV Development By CIOTechOutlook Team

Force Motors To Invest Around Rs 2,000 Cr For EV Development

CIOTechOutlook Team | Monday, 05 February 2024, 02:28 IST

Automaker Power Engines intends to put around Rs 2,000 crore in the following three to four years on different exercises including manageability drive and electric vehicle advancement, as per the organization's Overseeing Chief Prasan Firodia. The company, which sells a variety of commercial and utility vehicles, plans to gradually introduce electric van models in the future.

"At a company level we are looking at about Rs 2,000 crore investment over the next three to four years," Firodia added.

"The 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," Firodia added.

The company, which showcased its Traveller Electric, Urbania Diesel, and Traveller CNG at the Bharat Mobility Global Expo, has embarked on an electrification drive, although it will continue with its conventional engine vehicles, as per economic times.

"On electrification the investment will be anywhere around Rs 200 to Rs 300 crore," he said, adding the first electric offering will be the Traveller Electric.

Sharing the company's electrification plans, Firodia said, "Consistently, every six months, one after the other, the various variants of Traveller (will be electrified). Also by the end of the next year our Urbania will also come with an electric (version)."

He further said, "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."

At a company level, Firodia said, "We have gone on a sustainability initiative which spans across the next few years. By mid of this calendar year almost close to 50 per cent of our energy consumed will be 'green energy' at a company level."