Force Motors commits Rs 20 bn investment for sustainable drive

06 Feb 2024 CW Team

The company, known for its array of commercial and utility vehicles, plans to gradually introduce electric variants of its van lineup. Firodia shared insights on the overall investment strategy, stating, "At a company level, we are contemplating an investment of about Rs 20 billion over the next three to four years." He elaborated that this investment would span conventional engines, EVs, enhancements to engineering facilities, and initiatives for a more sustainable environment, covering the entire value chain.

While the company showcased its electric offerings, including Traveller Electric, Urbania Diesel, and Traveller CNG at the Bharat Mobility Global Expo, it emphasised a commitment to both electrification and traditional engine vehicles.

Regarding electrification, Firodia mentioned an investment of approximately Rs 2 to Rs 3 billion, with the initial electric release being the Traveller Electric. He outlined the electrification timeline, stating that various variants of Traveller would be introduced every six months. Additionally, the Urbania model is expected to have an electric version by the end of the next year.

Firodia also disclosed plans for electrifying non-passenger transport vehicles, such as the Gurkha, indicating a phased rollout of electric versions for these products. The first release, the Traveller Electric, is anticipated this quarter.

On the sustainability front, Firodia emphasised the company's initiative to use 'green energy,' targeting nearly 50% of energy consumption to be sourced from renewable sources by the middle of the calendar year.

While the company doesn't foresee a significant need for additional production capacity, plans include the installation of a second large paint shop to address increased demand. Firodia expressed optimism about the market outlook, citing a robust growth momentum of close to 40% year on year over the past two years. He anticipates continued strong growth of 25-35% or more over the next few years, fuelled by the government's infrastructure focus and positive market sentiment.

Automaker Force Motors intends to allocate approximately Rs 20 billion over the next three to four years for diverse initiatives, including a focus on sustainability and the development of electric vehicles (EVs), as revealed by the company's Managing Director, Prasan Firodia. The company, known for its array of commercial and utility vehicles, plans to gradually introduce electric variants of its van lineup. Firodia shared insights on the overall investment strategy, stating, At a company level, we are contemplating an investment of about Rs 20 billion over the next three to four years. He elaborated that this investment would span conventional engines, EVs, enhancements to engineering facilities, and initiatives for a more sustainable environment, covering the entire value chain. While the company showcased its electric offerings, including Traveller Electric, Urbania Diesel, and Traveller CNG at the Bharat Mobility Global Expo, it emphasised a commitment to both electrification and traditional engine vehicles. Regarding electrification, Firodia mentioned an investment of approximately Rs 2 to Rs 3 billion, with the initial electric release being the Traveller Electric. He outlined the electrification timeline, stating that various variants of Traveller would be introduced every six months. Additionally, the Urbania model is expected to have an electric version by the end of the next year. Firodia also disclosed plans for electrifying non-passenger transport vehicles, such as the Gurkha, indicating a phased rollout of electric versions for these products. The first release, the Traveller Electric, is anticipated this quarter. On the sustainability front, Firodia emphasised the company's initiative to use 'green energy,' targeting nearly 50% of energy consumption to be sourced from renewable sources by the middle of the calendar year. While the company doesn't foresee a significant need for additional production capacity, plans include the installation of a second large paint shop to address increased demand. Firodia expressed optimism about the market outlook, citing a robust growth momentum of close to 40% year on year over the past two years. He anticipates continued strong growth of 25-35% or more over the next few years, fuelled by the government's infrastructure focus and positive market sentiment.