Blue Energy Motors Sets Aside INR 3,500 Cr To Build EV Truck Manufacturing Plant

Manufacturing giant Blue Energy Motors has inked a pact with the Maharashtra government to set up an electric truck manufacturing plant with an initial investment INR 3,500 Cr (around $400 Mn)

The memorandum of understanding (MoU) was signed yesterday (22 January) at the World Economic Forum in Davos. Under this agreement, Blue Energy is aiming to build around 30,000 EV trucks, the Pune-based manufacturing company said in a statement.

“Blue Energy Motors will invest approximately INR 3,500 Cr to establish a state-of-the-art manufacturing facility dedicated to the production of its advanced electric (EV) trucks that will house advanced R&D capabilities, battery-pack line, motor manufacturing unit and set up charging stations as well,” the statement added.

Additionally, the project is expected to generate more than 4,000 job opportunities. 

This development comes at a time when the Indian government is pushing EV manufacturing in the country.

Last year, the Ministry of Heavy Industries (MHI) rolled out the INR 10,900 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which aims to foster adoption of EVs by offering subsidies to manufacturers, shoring up charging infrastructure and spurring local EV manufacturing capabilities. 

The Centre is also bullish on expanding incentives to automakers building models at existing factories. Additionally, to maintain a fair chance for all the manufacturers, the government is also planning to set a minimum EV revenue target for any product line or plant to qualify for the scheme.

However, earlier this month, union commerce minister Piyush Goyal said that India’s electric vehicle industry doesn’t need more subsidies as it has matured enough. At that time, he added  that the existing subsidies will continue for some more time to help players in the EV segment strengthen their presence. 

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