Bharat Forge owns as much as 49 percent stake in Pune based EV maker Tork Motors
Several new comers are marking their entry into the electric scooter segment. Ola launched the Ola S1 and S1 Pro electric scooters in India at Rs 99,999 and Rs 1,29,999 respectively. Bengaluru-based Simple Energy also unveiled its e-scooter at Rs.1,09,999. In addition to this, there are many electric scooters on offer from leading brands in the space like Hero Electric, Okinawa, Ampere, Ather etc. Bajaj and TVS also have an offering each in this space.
Auto component manufacturer, Bharat Forge also entered this space recently, for which it has tied up with Tork Motors. The latter is a Pune-based EV manufacturer. Tork Motors has its own T6X, India’s first performance electric motorcycle, scheduled for launch in India in early 2022. Ahead of that, its production-spec variant has now been spied on test.
Tork T6X electric motorcycle
This electric motorcycle which has been under development for the past 7 years, it will come in with state of the art features and updated technology. It will launch in India in sometime next year and will be powered via lithium ion batteries. It is likely to offer a top speed of 100 km/h and a range of 100 kms on a single charge. Quick charging option could also be on offer.
Tork Motors has also recently met with FAME II regulations which means that the upcoming products will stand to gain from these subsidies offered by the Government of India. Their customers will also take advantage of benefits being presented on electric vehicles by various State Governments.
Electric 2 and 3 wheeler market
Bharat Forge seeks a 5-6 percent market share in this electric two and three wheeler segment along with electric trucks and buses, by 2025 along with Kalyani Powertrain (KPTL). KPTL is also in talks with vehicle manufacturers and fleet operators in respect to its e-mobility platform.
The company seeks to supply sub-system, complete electric motors and light weight structural components and has also lowered capital expenditure guidance from an earlier Rs 300 crores announced in June 2021 to Rs 200-250 crores for FY22.
Apart from partnering with Bharat Forge, Tork is also seeking an alliance with three wheeler makers for the supply of electric powertrains. This space is currently commanded by the likes of Mahindra, Piaggio and Atul Auto while automakers Bajaj Auto and TVS Motors are also set to enter the fray.
Bharat Force also has a 50:50 investment with Refu Electronik GmbH of Germany for developing, manufacturing and selling on-board controllers and components used in the manufacture of hybrid and electric vehicles. Bharat Forge also used to controls a 35 percent stake in UK based Tevva Motors for development of powertrain solutions for commercial vehicles but has since exited from this alliance.