Bajaj Auto to set up Rs 300-crore EV plant

Bajaj Auto said on Wednesday it is investing Rs 300 crore to build capacity to manufacture 5,00,000 EVs per annum. It has commenced work on the new EV manufacturing unit, which will be housed at its Akurdi plant. The company said vehicles would roll out from the plant by June 2022 for both the domestic and export markets. This will be supplemented by another Rs 250 crore investments by vendors.

Rajiv Bajaj, managing director, Bajaj Auto, said going forward, all their R&D drive train resources would be laser focused on creating EV solutions for the future. “This alignment reflects our belief that light electric vehicles for sustainable urban mobility is an idea whose time may finally have come,” Bajaj said. The shift in the company’s focus is evident, as it plans to implement only one ICE platform that is currently under development.

Its investment in the new plant will be supported by a slew of investments also by vendors to create an EV ecosystem, who will invest another Rs 250 crore.