Bajaj Auto To Set Up Rs 300-Crore EV Manufacturing Facility In Pune, Shares Gain Over 3%
Bajaj Auto on Wednesday, 29 December announced that it will invest Rs 300 crore to set up an electric vehicle manufacturing facility at Akurdi, Pune. Shares of the major automaker surged nearly three per cent after the announcement during the trading session, the latter settling among the top gainers on the NSE.
According to a regulatory filing by the company to the stock exchanges today, the facility, for which work has already started, will have the capacity to produce 5,00,000 electric vehicles (EVs) per year and cater to both domestic and export markets. . The first vehicle from the new unit is expected to be launched by June 2022.
On Wednesday, Bajaj Auto shares opened at Rs 3,195 on the BSE, reaching an intraday high of Rs 3,270 and an intraday low of Rs 3,152.55 throughout the trading session.
“In 2001, Bajaj 2.0 took off on the roaring Pulsar, in 2021, Bajaj 3.0 came on the lucrative Chetak. Moving on to the Bajaj portfolio, apart from implementing a state-of-the-art ICE (Internal Combustion Engine) platform, which is currently in development. All our R&D drive train resources are now laser focused on creating EV solutions for the future.
Rajiv Bajaj, Managing Director, Bajaj Auto said, “This alignment reflects our belief that lightweight electric vehicles for sustainable urban mobility is an idea whose time has finally come.”
The investment made by Bajaj Auto will be complemented by multiple vendors, who will invest a further Rs 250 crore, the company said. The new unit will have robotic and automated manufacturing systems for logistics and material handling, fabrication and painting, assembly and quality assurance. To promote greater collaboration, Akurdi’s unit is co-located with Bajaj Auto’s R&D centre.
On Wednesday, shares of Bajaj Auto closed at Rs 3,262.40, up 2.70 per cent on the BSE.