Indian two-wheeler and tricycle manufacturer Bajaj Auto [BJAUT:IN] will invest INR3bn (USD40m) to develop an electric vehicle (EV) facility in the village of Akurdi that will produce 500,000 vehicles per year, as reported by Economic Times on December 29. Bajaj Auto’s suppliers will contribute an additional USD33m to the new factory, which will encompass 500,000 square feet and employ 800 people. The EV manufacturing plant plans to release its first vehicles in June 2022. The new facility will use highly sophisticated technologies for logistics, material processing, fabrication and painting, assembly, and other functions, according to Bajaj Auto.

India is one of the world’s major markets for two-wheelers, as two-wheelers account for over 80% of total vehicle sales in the nation. As part of India’s climate commitment announced at COP26 this year, the Indian government is actively promoting the development of electric vehicles across all vehicle types to reduce emissions from the transport sector. The country’s prime minister Modi has set out the goal to electrify 70% of commercial vehicles, 30% of private automobiles, 40% of buses, and 80% of two-wheelers and tricycles by 2030. For the fiscal year ending March 2021, total sales of electric two-wheelers in India were 143,837 units, according to India’s Society of Manufacturers of Electric Vehicles.

Sources:

https://economictimes.indiatimes.com/industry/renewables/bajaj-auto-to-set-up-rs-300-crore-ev-manufacturing-facility-in-pune/articleshow/88564717.cms

https://www.fortunechina.com/shangye/c/2021-09/13/content_397390.htm

https://nev.ofweek.com/2021-03/ART-71000-8500-30491643.html

https://www.sohu.com/a/442628680_100162086

https://auto.163.com/21/1010/09/GLUIBHG0000884MM.html