- Hindustan Motors may launch electric two-wheelers in 2023
- It will tie-up with a European company to build EVs
- It also expects to launch electric four-wheelers
Hindustan Motors EV two-wheelers are in the works, claims a new PTI report. Numerous electric vehicle startups, such as Ather Energy, Ola Electric, Okinawa, and Simple Energy to name a few have launched in the past few years. Some of the defunct automobile manufacturers are also making a comeback in the country.
Recently, LML confirmed that it would be returning to the EV market. Hindustan Motors, whose West Bengal-based plant has been inactive since 2014, is now gearing up to launch electric cars and electric two-wheelers in India. The company is known for manufacturing iconic cars like the Ambassador and Contessa in the past.
Hindustan Motors to launch electric two-wheelers by end next fiscal year
According to PTI, Hindustan Motors will enter the electric two-wheeler market in India in 2023 by entering into a joint venture with its European partner. Later, the company may consider launching electric four-wheelers. It is expected that it will hire about 400 people to make its electric vehicles.
Uttam Bose, who is the Director of Hindustan Motors, told PTI that beginning this month (July), both firms will conduct financial due diligence for a period of approximately two months. Later, they will have another month to look into the technical aspects of the joint venture.
According to Bose, it is only after that they will decide on the structuring of investments and then form a company. This entire process is expected to be finished by February 15th. After the formation of the joint venture, it will take around two more quarters to carry out the pilot run on the project. The final product may debut by the end of the next fiscal year. He also said, “After two years of making the two-wheeler project available to the public, a decision will be made about making four-wheeler EVs.”
Hindustan Motors’ Uttarpara plant located in West Bengal was shut down in 2014 since there was no demand for the Ambassador cars. The brand was later sold to France-based automobile manufacturer Peugeot for Rs 80 crore. Bose said that the Uttarpara plant will be used to produce electric vehicles. It will be revamped as some of the existing control systems, electronic hardware, and software need to be replaced.