Force Motors plans to invest around Rs 2,000 cr in 3-4 years, to focus on EV development: MD Prasan Firodia – EQ
In Short : Force Motors is planning to invest approximately Rs 2,000 crore over the next 3-4 years, with a specific focus on electric vehicle (EV) development. This indicates the company’s strategic commitment to investing in the EV segment, aligning with the broader trend of automotive companies gearing towards sustainable and eco-friendly mobility solutions.
In Detail : In a strategic move towards a sustainable future, Indian automaker Force Motors is set to channel an investment of Rs 2,000 crore over the next three to four years. The substantial capital injection will fuel various initiatives, including a robust sustainability drive and the development of electric vehicles (EVs), according to Force Motors’ Managing Director, Prasan Firodia.
Driving into a Greener Future
The investment plan encompasses a comprehensive approach, covering conventional engines, electric vehicles, facility upgrades, and the creation of a more sustainable environment across the value chain, as stated by Firodia
“We are looking at about Rs 2,000 crore investment over the next three to four years. It is across the board and across the value chain,” he emphasized in an interview with PTI.
Electrifying the Fleet
Force Motors, known for its range of commercial and utility vehicles, is gearing up to introduce electric versions of its van lineup progressively. The company showcased its commitment to electrification at the Bharat Mobility Global Expo, featuring the Traveller Electric, Urbania Diesel, and Traveller CNG.
On the subject of electrification, Firodia revealed, “On electrification, the investment will be anywhere around Rs 200 to Rs 300 crore,” specifying that the first electric offering will be the Traveller Electric.
A Journey towards Sustainable Mobility
Firodia outlined the electrification roadmap, stating that various variants of the Traveller will be electrified every six months. By the end of the next year, the Urbania model will also sport an electric version. The company is not limiting its efforts to passenger vehicles, with plans to electrify non-passenger transport vehicles like the Gurkha.
“In this quarter itself, the first vehicle to roll out will be the Traveller Electric,” Firodia confirmed.
Green Energy Pledge
In addition to EV development, Force Motors is committed to a sustainability initiative. By the middle of this calendar year, nearly 50% of the energy consumed by the company will be sourced from ‘green energy.’
While fresh production capacity is not an immediate need, Firodia mentioned plans to install a second large paint shop, creating additional capacity from a painting perspective.
Bright Outlook and Growth
Assessing the company’s outlook, Firodia expressed confidence, citing a remarkable 40% year-on-year growth over the last two years. With a strong focus on infrastructure from the government, he anticipates continued momentum and expects 25- 35% or more growth in the coming years.
