Folks Motor, a leading innovator in the xEV (retrofit) industry, has announced an INR 500 crore capital expenditure (CAPEX) investment over the next five years. This investment will focus on developing India’s first xEV warehousing and industrial park, ‘The Blue IP,’ strengthening India’s EV supply chain and local manufacturing.
By 2030, Folks Motor aims to achieve ₹200 crore in domestic revenue and ₹300 crore in exports. The xEV industry has witnessed 25% year-on-year (YoY) growth in EV systems and components. Given the same, Folks Motor is also reinforcing its commitment to India’s rapidly expanding EV ecosystem. In addition to its domestic push, Folks Motor has already expanded into the Middle East and Africa and plans further expansion into Europe, Latin America, and Southeast Asia, tapping into emerging EV markets.
A key aspect of this investment includes forming strategic partnerships with four major system manufacturers specialising in powertrain, electronic manufacturing services (EMS), energy storage, and system integration. These collaborations will help achieve 50% domestic value addition and boost self-reliant EV manufacturing in India. For instance, industry insights indicate that transitioning diesel buses to electric through retrofitting can extend their lifespan by 8–10 years while cutting operational costs by up to 32%. Moreover, this sector holds immense potential for job creation.
Folks Motor is leveraging a broader investment channel for Assets Under Management, with ₹500 crore deployed through Folks Funds to develop ‘The Blue IP’ and expand the supply chain. Discussions regarding this development are already underway.
“At Folks Motor, we recognise the urgent need to build a robust and integrated EV ecosystem in India. With ‘The Blue IP’, the first-ever xEV-focused warehousing and industrial park, we are taking a big step toward strengthening domestic manufacturing. Our target of ₹600 crore in order book by 2030 reflects our commitment to making India a leader in the global EV supply chain. Our expansion strategy ensures that sustainable mobility is accessible to a broader audience without the financial and environmental costs of scrapping existing vehicles,” said Nikhil Anand Khurana, MD & CEO of Folks Motor.
Additionally, the company has structured a $100 million ESG bond, ensuring efficient fund utilization within its loan book, which will scale up to ₹250 crore to support working capital and operational expenses across the EV value chain. With this expansion, Folks Motor aims to build on its success in xEVs—fleet vehicles, public transport, and commercial vehicles—offering state-of-the-art technology and efficiency-driven solutions. The company is actively collaborating with various stakeholders to accelerate EV adoption through innovative retrofitting solutions that align with government initiatives such as the PM E-DRIVE Scheme.
As part of its commitment to fostering industry collaboration, Folks Motor is also closely following the initiatives of Automotive Research Association of India (ARAI), which plays a crucial role in setting standards, testing, and certifying EV components and retrofitted vehicles. ARAI’s initiatives, such as the development of advanced battery testing protocols and the formulation of EV homologation standards, are essential in ensuring safety and efficiency in India’s growing EV sector. Folks Motor alignment with ARAI’s research-driven approach will further strengthen its innovation and product quality.
Folks Motor remains committed to innovation, sustainability, and strategic industrial growth, supporting India’s transition toward cleaner mobility and positioning itself as a leading OEM in the global EV market.
