• Login
AutoEVTimes
  • Home
  • News
    • India EV News
    • International EV News
    • Latest EVs India
    • Latest EVs International
    • Policy
  • EV Tech
    • Autonomous Driving
    • Battery Technology
    • Charging Station
    • Drive Systems
  • EV Products
    • ADAS
    • Automotive Lighting
    • Automotive Motors
  • Editor’s Desk
    • Research
    • Interview
    • Articles
    • Startup
    • Events
No Result
View All Result
HealthNews
No Result
View All Result
Home News India EV News

Folks Motors Commits ₹500 Cr to EV Expansion

Aims to Boost Local Manufacturing Under PLI Scheme

Aditi Singh by Aditi Singh
March 20, 2025
in India EV News, News
0
EV
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

Folks Motors, a leading innovator in the EV industry, has announced an ambitious INR 500 crore capital expenditure (CAPEX) investment over the next five years under the Production Linked Incentive (PLI) scheme. This investment is directed towards developing dedicated EV warehousing industrial parks, strengthening India’s EV supply chain, and addressing the critical challenge of achieving 50% domestic value addition in the sector.

A key aspect of this investment strategy includes forming strategic partnerships with four major system manufacturers specializing in powertrain, electronic manufacturing services (EMS), energy storage, and system integration. These collaborations aim to accelerate innovation and enhance the localization of critical EV components, aligning with the Indian government’s vision for self-reliant manufacturing.

In addition to these efforts, Folks Motors is leveraging a broader investment channel valued between $700–$800 million. As part of this initiative, the company is deploying ₹500 crore for integrated CAPEX through Folks Funds, an AIF Category II fund. This fund will be utilized for the development of a warehousing and industrial park, further consolidating the supply chain. Discussions regarding these developments are already underway with state governments, including the Government of Uttar Pradesh. 

The investment strategy also includes a $100 million ESG bond, with ₹500 crore allocated for capex scaling. The remaining portion of this amount will be utilized for working capital, covering expenses related to opex, logistics, and industrial infrastructure to ensure efficient fund utilization within the loan book. Furthermore, Folks Finance will expand its loan book to ₹250 crore to support working capital and opex requirements across the value chain.

“At Folks Motors, we recognise the urgent need to build a robust and integrated EV ecosystem in India. This investment is a testament to our commitment to strengthening domestic manufacturing, creating jobs, and driving technological advancements in the sector. By forging partnerships across key verticals, we are not only solving the 50% domestic value addition challenge but also laying the groundwork for India’s leadership in the global EV supply chain,” said Nikhil Anand Khurana, Founder & CEO, Folks Motors.

Folks Motors remains steadfast in its mission to redefine the xEV landscape by focusing on innovation, sustainability, and strategic industrial growth. With this investment, the company aims to support India’s transition towards cleaner mobility and bolster its position as a leading OEM in the EV market.

Tags: EV industryEV newsev timesFolks Motorspowertrain
Previous Post

Exponent Launches India’s First 1MW EV Charger, Plans for 1.5MW Soon

Next Post

Hyundai’s INSTER Named Top 3 Finalist in 2025 World Car Awards

Aditi Singh

Aditi Singh

Next Post
World Car Awards

Hyundai’s INSTER Named Top 3 Finalist in 2025 World Car Awards

Recommended Stories

Mufin Green

Mufin Green & Omega Seiki Mobility to Finance 7,500 E3Ws by 2024

February 11, 2023
E- Mobility Week

Telangana to show-next-gen EV technologies at e-mobility week

July 4, 2024
NEXUS Automotive International

G. Srinivasa Raghavan Appointed Chairman of NEXUS Automotive International

September 10, 2024

Popular Stories

  • Patanjali EV

    Patanjali Enters EV Market with Affordable Electric Scooter

    0 shares
    Share 0 Tweet 0
  • Ola Launches S1 X Scooters with 190km Range, Warranty

    0 shares
    Share 0 Tweet 0
  • Maruti Suzuki Unveils Alto Electric at ₹4 Lakh, Promises 560km Range

    0 shares
    Share 0 Tweet 0
  • The Electric Version of the Thar SUV, the Mahindra Thar.e Vision, was Unveiled in Cape Town

    0 shares
    Share 0 Tweet 0
  • Vaisala Leverages Weather Data to Enhance Electric Vehicle Range

    0 shares
    Share 0 Tweet 0
AutoEVTimes

AutoEV Times provides the latest Electric Vehicles News, EV Business, EV Products etc from around the world.

Recent Posts

  • Exploring the Rapid Growth of the Electric Utility Vehicle Market
  • Will Electric Buses Replace Diesel Buses Completely by 2030?
  • Wardwizard, XiCon to Deploy 7,500 E-Scooters

Categories

  • ADAS
  • Articles
  • Automotive Electronics
  • Automotive Lighting
  • Automotive Motors
  • Autonomous Driving
  • Battery Technology
  • Charging Station
  • Drive Systems
  • EV Products
  • EV Tech
  • India EV News
  • International EV News
  • Interview
  • Latest EVs India
  • Latest EVs International
  • News
  • Policy
  • Research
  • Road Safety
  • Startup
  • Uncategorized
  • Contact Us
  • Events
  • Front
  • Guest Post Guidelines
  • Home
  • Privacy Policy
  • Sample Page
  • Terms of Service

© 2016 - 2024 AutoEV Times | All Rights Reserved.

No Result
View All Result
  • Contact Us
  • Events
  • Front
  • Guest Post Guidelines
  • Home
  • Privacy Policy
  • Sample Page
  • Terms of Service

© 2016 - 2024 AutoEV Times | All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In