The electric mobility business in India is again in the news with Tork Motors, a startup manufacturing battery-run motorcycles receiving funding from Ratan Tata. The Chairman Emeritus of the Tata Group has been making investments in different sectors and this is one of his latest picks. There is no disclosure of the amount he has invested in Tork Motors.
As per a Mint report, Tork Motors’ Pune plant is almost ready with its T6X motorcycle and may launch it very soon. There have been reports earlier of the company looking to raise funds to the tune of Rs 240 crore. Bharat Forge of Kalyai Group is the largest shareholder in Tork Motors with 49% and the promoter of Ola Cabs, Bhavish Agarwal is another investor.
Bharat Forge’s association with Tork Motors goes beyond just making financial investments. The company has been able to offer its assistance in the areas of engineering, plant designing, manufacturing and supply chain capabilities as well.
Giving out details of the vehicle being readied for launch, the company says the T6X will be powered by a 3.5kWh Li-Ion battery that can run 100kms on a full charge. For recharging the batteries, the company has developed a fast charger that can charge up to 80% in one hour. The battery will be dust and waterproof.
Pune is the city the company will start its operations from and charging infrastructure is being created in the city. The plan is to sell 5,000 units in the first year of operations and scale it up to 20,000 a year going ahead. After Pune, it will be Bangalore and so on.
Tork Motors has indicated that the price of its T6X will be around Rs 1.5 lakh. The final cost to the individual buyers may be known once the concessions etc. announced by the government are factored in.