Bharat Forge said that Tork Motors, an associate company, has met the subsidy requirements specified in FAME-II with its electric motorcycle
Pune-based automotive component manufacturer and forging firm Bharat Forge is reportedly eyeing to enter the burgeoning electric vehicle (EV) space with two-wheelers and three-wheelers by the fiscal of 2022, a top company official informed while adding that the launch is scheduled for the second half of the year.
The company is eyeing to tap various segments like providing sub-systems to complete electric powertrains as well as light-weight structural components. The company has lowered its capital expenditure guidance to Rs 200-250 crore for FY22, down from Rs 300 crore announced in June for the India business.
Amit Kalyani, deputy managing director of Bharat Forge said that Tork Motors, an associate company, has met the subsidy requirements specified for Phase 2 of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) with its electric motorcycle.
“We are happy to report that Tork Motors has achieved FAME-II homologation for multiple products, both in two and three-wheelers, and launches are being planned accordingly. We will make a detailed announcement in November,” Kalyani said.
Bharat Forge invested in Tork Motors, which was founded in 2009, over the past few years, and holds almost 49 per cent stake in the company. In FY21, the Kalyani Group company had subscribed to additional shares in Tork with an investment of Rs 4 crore. Additionally, Tork is looking to tie up with three-wheeler manufacturers for the supply of electric powertrains.
With Tork by its side, Bharat Forge aims to achieve 5-6 percent market share by 2025 in the e-mobility space (two- and three-wheelers, trucks and buses) with the help of Kalyani Powertrain (KPTL), a subsidiary set up in FY21 that houses the e-mobility business. KPTL is talking to vehicle manufacturers and fleet operators about offering its e-mobility platform.