Folks Motor, a pioneer in the xEV (retrofit) industry, has announced an ambitious ₹500 crore capital expenditure (CAPEX) investment over the next five years to develop India’s first xEV-focused warehousing and industrial park, ‘The Blue IP’. The initiative aims to strengthen India’s EV supply chain, boost local manufacturing, and accelerate the country’s transition to sustainable mobility.
With a target of ₹200 crore in domestic revenue and ₹300 crore in exports by 2030, Folks Motor is capitalizing on the rapid 25% year-on-year growth in EV systems and components. Expanding beyond India, the company has already entered the Middle East and Africa, with further plans to penetrate European, Latin American, and Southeast Asian markets.
Strategic Partnerships & Domestic Value Addition
As part of its growth strategy, Folks Motor is forging alliances with four major system manufacturers specializing in powertrains, electronic manufacturing services (EMS), energy storage, and system integration. These collaborations will help achieve 50% domestic value addition, reinforcing India’s self-reliant EV manufacturing ecosystem.
Retrofitting diesel buses into electric vehicles—a key focus for Folks Motor—can extend vehicle lifespans by 8–10 years while reducing operational costs by up to 32%. This sector also presents significant job creation potential in India’s evolving EV landscape.
ESG Investment & Financial Backing
Folks Motor has structured a $100 million ESG bond to ensure efficient capital allocation, with its loan book scaling up to ₹250 crore to support working capital and operational expenses across the EV value chain. Additionally, ₹500 crore will be deployed through Folks Funds to develop ‘The Blue IP’ and expand supply chain capabilities.
Commitment to Industry Standards & Government Collaboration
In alignment with India’s regulatory framework, Folks Motor is working closely with the Automotive Research Association of India (ARAI) to ensure its EV components and retrofitted vehicles meet safety and performance standards. The company is also committed to government initiatives such as the PM E-DRIVE Scheme, which aims to accelerate EV adoption through innovative retrofitting solutions.
CEO’s Vision for a Sustainable Future
Speaking on the expansion, Nikhil Anand Khurana, MD & CEO of Folks Motor, stated, “At Folks Motor, we recognize the urgent need to build a robust and integrated EV ecosystem in India. With ‘The Blue IP’, we are taking a major step toward strengthening domestic manufacturing. Our ₹600 crore order book target by 2030 reflects our dedication to making India a global leader in EV supply chains. Our expansion strategy ensures that sustainable mobility is both accessible and cost-effective, without the environmental burden of scrapping existing vehicles.”
With this investment, Folks Motor is set to redefine India’s retrofitting industry, enhance EV fleet efficiency, and cement its position as a leading original equipment manufacturer (OEM) in the global EV market.
