New Delhi, June 14, 2018: Auto ancillary maker Bharat Forge on Tuesday announced a strategic investment of £10 million in Tevva Motors, a company incorporated and registered under the Companies (Jersey) Law 1991 carrying out its operations from Chelmsford, UK.
According to businessline Tevva provides electric powertrain solutions for Commercial Vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new commercial vehicles, especially trucks and buses, Bharat Forge said in a statement.
Baba Kalyani, Chairman and Managing Director, Bharat Forge, commenting on the investment said, “This will also bring very focussed and state-of-the-art EV powertrain solutions to our customers in India and worldwide. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain better understanding of the two-wheeler and the commercial vehicle EV space.”
Bharat Forge has been working on its R&D and technology strategy in the electric vehicle space over the last few years. This is Bharat Forge’s third major initiative in the EV space, and comes shortly after the start of the ‘Engineering and Development Centre’ at MIRA, UK, and the investment in Tork Motorcycles, India (an electric drivetrain company, mainly focused on electric two wheelers and/or premium electric motor cycles).
By virtue of this investment, Bharat Forge has also acquired a licence for commercialisation of the Tevva technology within India and for strengthening its Research and Development activities in the e-mobility space.
The investment will help Bharat Forge in the fast-growing EV market and to co-develop solutions for electric mobility in India and abroad. The company said it aims to create a range of products to complement the requirements of OEMs, thereby growing its revenue per vehicle.
Edward Hyams, Chairman of Tevva, welcomed the investment from Bharat Forge and expressed that this new funding will enable Tevva to scale up their operations in the UK and get more electric trucks onto Britain’s roads helping to meet the needs of zero emission zones in cities such as London and Leeds.