Pune-based electric two-wheeler manufacturer Tork Motors appears to be on the verge of closing its doors. Reports indicate that production has ceased, and the company has sent emails titled ‘Notice of Role Dissolution and Employment Termination’ to its employees, signaling potential layoffs.
Since December, Tork Motors has delivered only one vehicle to its dealers. Frustrated by pending payments, some dealers have reportedly lodged a police complaint against the company. Kiran Pathare, Assistant Police Inspector of Pimpri Chinchwad, confirmed that an investigation is underway, with action expected by next week.
In a significant development, Bharat Forge, the largest stakeholder in Tork Motors, has decided to write off its investment in the company. Kalyani Powertrain Limited, a subsidiary of Bharat Forge, holds a 64.29% stake in Tork Motors.
Amit Kalyani, Vice Chairman and Joint Managing Director of Bharat Forge, stated, “We have written off all our investment in this company so far. We are working with them to see how we do an orderly wind-up. But as far as our investment is concerned, this is the large part of it.”
Tork Motors has faced financial difficulties, largely attributed to the reduction and withdrawal of the FAME scheme, which had supported the company’s profitability. This shift has been a key factor in Tork Motors’ struggle to remain operational.
Tork Motors is an Indian electric vehicle manufacturer focused on producing two-wheelers. Known for developing India’s first electric motorcycle, Tork Motors has been at the forefront of the EV revolution in the country. The company emphasizes innovation and sustainability, creating vehicles that cater to the growing demand for environmentally friendly transportation.
Despite facing challenges in recent years, including difficulties related to government policy changes, Tork Motors has been recognized for its contributions to the electric vehicle industry and its efforts to push the boundaries of what is possible in electric mobility.
Bharat Forge is a globally renowned Indian engineering and manufacturing company, specializing in forging and precision machining. As one of the largest forging companies in the world, Bharat Forge has a diverse portfolio that includes components for automotive, power, oil and gas, railways, and aerospace sectors.
The company is part of the Kalyani Group, and it has earned a reputation for innovation, quality, and technology leadership. Bharat Forge has consistently expanded its global footprint through strategic acquisitions and partnerships, positioning itself as a key player in the global manufacturing and engineering landscape.
