Bajaj Auto to arrange Rs 300 crore EV manufacturing facility in Pune, shares rise over 3%

Shares of Bajaj Auto closed 2.70 per cent greater at Rs 3,262.40 on the BSE.

Bajaj Auto on Wednesday, 29 December introduced that it’s going to make investments Rs 300 crore to arrange an electrical car manufacturing facility at Akurdi, Pune. Shares of the main automaker rose practically three per cent after the announcement in the course of the buying and selling session, the latter settling among the many high gainers on the NSE.

In response to a regulatory submitting by the corporate to the inventory exchanges right this moment, the ability, for which work has already began, could have the capability to supply 5,00,000 electrical autos (EVs) per yr and cater to each home and export markets. The primary car from the brand new unit is predicted to be launched by June 2022.

On Wednesday, Bajaj Auto shares opened at Rs 3,195 on the BSE, reaching an intraday excessive of Rs 3,270 and an intraday low of Rs 3,152.55 all through the buying and selling session.

“In 2001, Bajaj 2.0 took off on the roaring Pulsar, in 2021, Bajaj 3.0 got here on the profitable Chetak. Shifting on to the Bajaj portfolio, apart from implementing a state-of-the-art ICE (Inside Combustion Engine) platform which is at present in growth. All our R&D drive practice sources are actually laser targeted on creating EV options for the longer term.

Rajiv Bajaj, Managing Director, Bajaj Auto stated, “This alignment displays our perception that light-weight electrical autos for sustainable city mobility is an concept whose time has lastly come.”

The corporate stated the funding made by Bajaj Auto shall be complemented by a number of distributors, who will make investments an additional Rs 250 crore. The brand new facility could have robotic and automatic manufacturing methods for logistics and materials dealing with, fabrication and portray, meeting and high quality assurance. Akurdi’s unit is co-located with Bajaj Auto’s R&D heart to advertise better collaboration.

On Wednesday, shares of Bajaj Auto closed at Rs 3,262.40, up 2.70 per cent on the BSE.

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