Bharat Forge Takes Stake in Tevva Motors
Bharat Forge Ltd. (India) made a strategic investment of approximately $12.9 million in Tevva Motors Ltd. (Chelmsford, U.K.), a supplier of electric powertrain solutions for commercial vehicles and buses. These vehicles actively and autonomously manage the use of the range extender by utilizing Tevva’s patented software, Predictive Range Extender Management System (PREMS), to ensure only electric drive is used in low carbon zones and other city centers. By virtue of this investment, Bharat Forge has also acquired a license for commercialization of the Tevva technology within India and for strengthening its R&D activities in the e-mobility market.
The investment helps position Bharat Forge at the forefront in the fast-growing EV market to identify technology trends and co-develop solutions for electric mobility in India and abroad. The company aims to create a range of products to complement the requirements of OEMs.