Bharat Forge has
divulged its plans to join the electric vehicle (EV) bandwagon. The company
will be producing electric two-wheelers (e-2Ws) and electric three-wheelers
(e-3Ws) via Tork Motors. The first model would hit the market in 2022.
Bharat Forge is
a $500 million (revenue) company that is the flagship of billionaire Baba
Kalyani. It currently makes auto parts that are exported around the world.
Besides the auto sector, the company also produces components for the defence,
aerospace, power, construction, mining, oil and gas, rail and marine sectors.
acquired an initial 45% stake in Tork Motors in 2018 and later increased to
49%. Tork Motors develops high-performance electric motorcycles and electric
powertrains for cargo and passenger three-wheelers.
meets the subsidy requirements of the Faster Adoption and Manufacturing of Electric Vehicles Phase
II (FAME-II) scheme, which aims to boost EV purchases by providing
subsidies for buyers.
With this move,
Bharat Forge will be competing with the likes of Ola Electric, Ather Energy,
Hero MotoCorp, Bajaj Auto, TVS, Hero Electric, and more.
recently mentioned that Bharat Forge is focusing on opportunities with
relevance in the future to grow its businesses. Accordingly, it has made
several investments in technology space connected with electric vehicles and
Source – Forbes