India’s Eicher Motors to invest in Spanish EV firm Stark
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EICHER Motors will buy a nearly 10.35 per cent stake in Spanish electric motorcycle maker Stark Future for 50 million euros (S$71.8 million), it said on Thursday (Dec 29), the latest such investment by an Indian company amid rising demand for EVs.
The parent of Royal Enfield will nominate a director to the board of Stark, which currently does not have a facility in India.
“This investment will pave the way for a long term partnership in collaborative research and development in electric motorcycles, technology sharing, technical licencing, and manufacturing,” Eicher said in a stock exchange filing.
Rival bikemaker Hero MotoCorp said in September it would invest in California-based Zero Motorcycles to jointly develop electric motorcycles.
EVs are expected to account for 33 per cent of global sales by 2028, according to consultant AlixPartners, from less than 8 per cent last year. REUTERS
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