Ratan Tata, Chairman Emeritus of Tata Sons, is investing an undisclosed amount to electric vehicle (EV) startup Tork Motors.
Tork Motors is an Indian electric motorcycle manufacturer that was founded in 2010 by Kapil Shelke. The deal was confirmed by the Pune-based company on their Linkedin post:
“Together we can change the world,’ many know this but Mr. Ratan Tata acts on it. A proud day for all of us at Tork Motors as we welcome Mr. Tata to the Tork Family.”
The investment of Tata comes at an opportune time for Tork as the EV company is set to launch its flagship electric motorcycle T6X by the end of 2019 or early 2020. The vehicle will be powered by Lithium-ion batteries with a 6kW DC motor, and it can reach a top speed of 100 km per hour and has a range of 100 km per charge. It is also equipped with a TFT digital touch screen console, GPS navigation, anti-theft system, Daytime Running Lights, and a mobile charger.
“In the last few years, there has been a sea of changes in the attitude towards electric vehicles. This industry is changing rapidly and I place good value on the sound logic and the approach that the team at Tork Motors has taken,” Ratan Tata said in a statement.
The company had previously raised funds from Bharat Forge and Bhavish Aggarwal, the founder of Indian unicorn, Ola Cabs. Tork Motors now has $4.7 million in funding, according to CrunchBase.
“An investment by Ratan Tata is an endorsement of the long-held belief by us that the Indian auto sector is going through a huge phase of growth and transformation. We are privileged to have him come on board as an investor,” Kapil Shelke said.
“Now, with his support, guidance, and mentorship, we are more confident about carrying out our vision of promoting e-mobility in India. Our business model is distinctively differentiated with an emphasis on an in-house development in technology and product advancement, with innovation at the core of our offerings.”
The expected price range for the T6X is ₹ 1,20,000 – ₹ 1,30,000 or $1,600 to $1800.
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