Bharat Forge, an auto forged components manufacturer, is set to enter the electric vehicle (EV) space with two-wheelers and three-wheelers in FY22, a top company official said.
The launch, scheduled for the second half of the year, will further highlight how companies are rushing to tap the upcoming and burgeoning EV segment.
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), said Amit Kalyani, deputy managing director of Bharat Forge.
“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.
Tork Motors is a Pune-based company founded in 2009 with investments from Bharat Forge over the past few years. Bharat Forge’s stake in Tork stood at almost 49 percent as of March 31. In FY21, the Kalyani Group company had subscribed to additional shares in Tork with an investment of Rs 4 crore.
Tork has developed an electric motorcycle and has been making it suitable for FAME-II benefits. Most other companies – Ola Electric, Ather Energy, Okinawa, Ampere Vehicles and Hero Electric – have electric scooters in their product line-up, some of which are priced above Rs 1 lakh.
Tork is looking to tie up with three-wheeler manufacturers for the supply of electric powertrains. Mahindra & Mahindra, Piaggio and Atul Auto are some of the bigger companies in the electric three-wheeler space, while Bajaj Auto and TVS Motor Company are yet to launch their products in this segment.
Pune-based 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.
The company is targeting opportunities across categories – from 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.
Bharat Forge makes an array of critical and safety components for sectors including commercial and passenger vehicles, oil and gas, aerospace, locomotives, marine, renewable and non-renewable energy, construction, mining and general engineering.
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