Bharat Forge Invests 90 Crore in EV company Tevva Motors

The investment by Bharat Forge would mean the company has acquired a license for commercialization of the Tevva technology within India. It would also mean the company can strengthen the research and development (R&D) activities in the e-mobility space.

In a major strategic development, an Indian multinational company, Bharat Forges invested around Rs 90 crore in the UK-based electric vehicle (EV) company, Tevva Motors.

The company, Tevva Motors is known for providing the electric powertrain solutions for commercial vehicles and buses in the category of 7.5-14 tons weight. However, this will soon be extended to the development of new commercial vehicles and buses.

The investment by Bharat Forge would mean the company has acquired a license for commercialization of the Tevva technology within India. It would also mean the company can strengthen the research and development (R&D) activities in the e-mobility space.

Bharat Forge has been working on its R&D and technology strategy in the electric vehicle space over the last few years. This is the company’s third major initiative in the EV space and comes shortly after the start of the ‘Engineering and Development Centre’ at MIRA, UK and the investment in Tork Motorcycles, Indian electric two-wheelers company.

With these initiatives, Bharat Forge aims to create a range of products to complement the requirements of EV makers, thereby growing its revenue per vehicle.