Force Motors Eyes ₹2,000 Crore Investment Over 3-4 Years, Says MD Prasan Firodia

Automaker Force Motors is gearing up for a substantial investment of approximately ₹2,000 crore over the next three to four years, covering diverse areas such as sustainability initiatives, conventional engines, and the development of electric vehicles (EVs). The company, known for its commercial and utility vehicles, aims to introduce electric variants of its van lineup gradually.

Prasan Firodia, the Managing Director of Force Motors, outlined the broad spectrum of the investment, stating, "It is across the board and across the value chain." The company is set to allocate funds for conventional engines, EVs, engineering facilities enhancement, and creating a more sustainable environment.

Addressing the electrification plans, Firodia mentioned an investment ranging between ₹200 to ₹300 crore specifically for electric vehicles. The company's initial foray into electric mobility will involve the Traveller Electric, with a sequential introduction of various Traveller variants over the next six months. The Urbania model is also slated to have an electric version by the end of the next year.

Highlighting their commitment to sustainability, Firodia indicated that nearly 50 percent of the energy consumed by Force Motors would be sourced from 'green energy' by the middle of the current calendar year. While the company doesn't require substantial fresh production capacity, plans include the installation of a second large paint shop, adding to the painting perspective's additional capacity.

Reflecting on the company's growth, Firodia expressed confidence, citing a robust momentum over the past two years with a close to 40 percent year-on-year growth. With a positive market sentiment and the government's emphasis on infrastructure, Force Motors anticipates continued growth ranging from 25 to 35 percent or more over the next few years.

HBL