India's Eicher Motors to invest in Spanish EV firm Stark

Reuters

29 December 2022 at 9:11 am·1-min read

FILE PHOTO: Eicher Motors Ltd. CEO Lal and President of Royal Enfield Singh pose in New Delhi

BENGALURU (Reuters) - Eicher Motors Ltd will buy a nearly 10.35% stake in Spanish electric motorcycle maker Stark Future SL for 50 million euros ($53.22 million), it said on Thursday, 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 licensing, 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% of global sales by 2028, according to consultant AlixPartners, from less than 8% last year.

($1 = 0.9396 euros)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sriraj Kalluvila)

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