Ambassador car maker Hindustan Motors likely to launch EV two-wheelers next year

Hindustan Motors will manufacture electric two-wheelers in a joint venture with its European partner.
By : HT Auto Desk
| Updated on: 03 Jul 2022, 16:51 PM
File photo used for representational purpose only (AP)
File photo used for representational purpose only (AP)
File photo used for representational purpose only (AP)
File photo used for representational purpose only

Hindustan Motors (HM), the company that used to make the iconic 'Ambassador' cars, will likely launch electric two-wheelers by next year, in joint venture (JV) with its European partner. The JV could also look at making electric four-wheelers at a later date. The company will employ around 400 people when commercial production commences for its battery-powered models.

Currently, both the companies are looking into their financial due diligence, that is set to start in July, and will take two months, after which the technical aspects of the joint venture will be looked into, which will take another one month, Hindustan Motors' Director, Uttam Bose, told PTI.

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After this, both the companies will decide the structuring of investments and the new company will be formed, with the whole process expected to complete by February 15. Once the joint venture is officially formed, another two quarters will be required to initiate the pilot run of the project. And the final product from the JV will likely be launched by the end of next fiscal year. “After two years of commercialisation of the two-wheeler project, a decision will be taken on the manufacture of four-wheeler EVs," Bose said.

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HM's Uttarpara plant will also need to be retro-fitted, as some of the control systems, along with electronic hardware and software, need replacement. The company had closed down its plant in 2014 due to lack of demand for the Ambassador cars. HM subsequently sold the iconic brand to French auto manufacturer Peugeot for 80 crore.

Further, HM had sold around 314 acres of land at the Uttarpara plant for alternative use after taking permission from the West Bengal government, following which the parcel had been sold to a real estate developer. "Hindustan Motors is making profits now and is a complete debt-free company," Bose said.

 

First Published Date: 03 Jul 2022, 16:51 PM IST
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