Hindustan Motors EV RNGT No 1 Classic Front
RGNT No. 1 Classic electric bike

Hindustan Motors is quite ambitious with its EV project, will launch electric cars 2 years after launching the first 2 wheeler

Hindustan Motors has ramped up the works of its maiden EV project as the Kolkata-based manufacturer has said it will commence the pilot run of its first electric 2 wheeler as early as next year itself and launch the product within the next financial year.

Hindustan Motors has entered a joint venture with an European EV manufacturer (name not disclosed) and will soon revamp its now-defunct Uttarpara plant for manufacturing its upcoming EVs.

The financial due diligence of both the companies is set to start in a few days and end by this August or September with the technical aspects of the venture sorted out maximum by October.

The factory is expected to be completed by 15th February, next year, and the pilot run of the first electric 2 wheeler will begin thereafter in the next couple of quarters.

Hindustan Motors said the launch of its maiden product will take place maximum by April, 2024 and the roll-out of the electric cars is expected by 2026, by the time the 2 wheeler has been commercialised.

According to Hindustan Motors, it’s the only OEM in India to have its own forging, foundry, paint shop, assembly, and welding shop at its Uttarpara facility making it an integrated automobile plant.

Hindustan Motors EV RGNT No 1 Classic
RGNT is likely to be HM’s partner for India

The company is planning to get capital for the project from its latest MoU with Hiranandani Group to sell off 100 acres of its land. The initial investment would be around Rs. 300 – 400 crores.

We believe the European company might be the Sweden-based RGNT as it’s among the very few makers in Europe to produce retro EVs.

The last production activity of Hindustan Motors was in 2014 when the final Ambassador Encore was rolled out. At that time, the company said low productivity, growing indiscipline, shortage of funds, and lack of demand were the reasons for pulling the plug on the Ambassador.

Source