Automaker Force Motors plans to invest around Rs 2,000 crore in the next three to four years on various activities including sustainability drive and electric vehicle development, according to the company’s Managing Director Prasan Firodia.
The company, which sells a range of commercial and utility vehicles, is looking to bring electric versions of its vans’ ranges step by step going forward.
“At a company level we are looking at about Rs 2,000 crore investment over the next three to four years,” Firodia told PTI in an interview.
He was responding to a query on the company’s overall investment plans.
“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.
“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.
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.”
While the company does not need significant fresh production capacity, he said, “We are planning to install our second large paint shop. So there will be additional capacity to be created from a painting perspective.”
When asked about the outlook, he said, “Over the last two years we have grown close to 40 per cent year on year. The momentum right now is very strong, and the market sentiment is very strong.”
With the government’s strong focus on infrastructure, the momentum should remain to be very positive, he said, adding, “I think we will continue to see 25-35 per cent or more growth over the next few years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 04 2024 | 11:49 AM IST