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New Delhi: Force Motors is close to a big transformation, which is strengthening their position in India’s shared auto market. The company is now preparing to expand globally and make an entry into new segments. This is backed by a Rs 2,000 crore investment plan spread over the next three years.
Force Motors Managing Director, Prasan Firodia, said the company had spent the previous few years bettering their focus and ensuring that there was both sustainable and profitable growth. Having remained debt-free two quarters in a row, they have a stronger foundation to scale up their operations.
The brand is planning to use the new investment to upgrade their production plants, digitise operations, upgrade products, bring in new EVs and expand the dealership network as well.
Force Motors have already been dominating the Travller segment with a 70 per cent market share. This includes vehicles widely used for tourism, school transport, staff shuttles and the lot. Firodia felt that the Travellewr, Monobus, and Urbania platforms have performed well, leading to both profits and revenue. Having a good hold in the home, the auto manufacturer is now ready to push into international markets.
At present, Force Motors exports to about 20 countries, mostly in the Gulf region. The brand’s markets in Latin America and Africa, expecting demand to spike sharply. In this year itself, the brand plans to enter five new markets. In order to make the products more up to the benchmark of international standards of regulations and safety norms, the Traveller and Urbania models are being updated.
Firodia believes exports could make up for about 20-30 per cent of the total sales, although he has said that growth will take some time. The company still views this as a massively potential step and is making the preparations accordingly.
A big part of the Rs 2,000-crore fund will also support electric mobility. The Traveller Electric ambulance is already ready for launch, and work is under full steam for the Urbania EV. Even though the Indian commercial EV market is in the initial stage, Force Motors wants to be prepared for when the demand picks up.
