Blue Energy Partners with Maharashtra Govt. for Electric Truck Manufacturing Plant
Blue Energy Motors Ltd., a truck manufacturing company headquartered in Pune, has signed a Memorandum of Understanding (MoU) with Maharashtra Government for the development of an electric truck manufacturing plant in the state.
This MoU was signed on 22nd January 2025 during World Economic Forum (WEF) in Davos, Switzerland.
Blue Energy Motors’ Rs. 3,500 Cr. Investment for Maharashtra E-Truck Plant
Blue Energy Motors will be investing Rs. 3,500 crore for setting up the electric truck manufacturing plant in Maharashtra. The company will also manufacture battery packs and motors that will be used in these electric trucks. Blue Energy Motors will also set up charging stations for these trucks in Maharashtra, however, the company did not give any further information about these stations.
Blue Energy’s plant will produce about 30,000 Electric Vehicles (EVs) every year.
Blue Energy Motors is expected to commence operations at this plant in FY-26.
Commenting on the partnership between Blue Energy Motors and Maharashtra Govt., Mr. Anirudh Bhuwalka, CEO of Blue Energy Motors, said “We are excited to announce this landmark partnership with the Government of Maharashtra. It reflects our shared vision for a cleaner, greener and a more sustainable future”.
“Contribution in Job Creation & Economic Growth” – CEO of Blue Energy Motors
Mr. Bhuwalka said Our investment will….”contribute to job creation and economic growth”.
As per the company’s press release Blue Energy’s upcoming plant will generate job opportunities for over 4,000 people.
India’s EV Market Projected to Grow, Need to Grow India’s e-Truck Fleet
As per a January 2025 report by Fortune Business Insights (a market analyst based in Pune), Indian Electric Vehicle market is estimated to grow from USD 23.38 billion in 2024 to USD 117.78 billion in 2032, translating to a Compound Annual Growth Rate (CAGR) of 22.4%.
The Indian automobile industry is currently the fifth largest in the world and is projected to become the third largest by 2030, driven by the rapid growth in demand for electric vehicles. Mercom mentioned in its article dated 2nd January 2025 that India recorded 1.95 million units of EV sales in 2024 as compared to 1.53 million unit sales in 2023, representing a growth of 27% on YoY basis. Electric two wheelers represented 59% of the total EV sales in 2024, Electric-three wheelers accounted for 35% and the remaining 6% is of Electric-four wheelers.
Economic Times mentioned in its May 2023 article that while trucks make up just 2% of all road vehicles by volume, they account for over 40% of road transport emissions and fuel usage. ET added that in order to realise India’s 2070 net-zero goals, electric trucks will need to represent at least 8% of the total freight truck fleet.
About Blue Energy Motors Ltd.: Blue Energy Motors Ltd., founded in 2018, is headquartered in Pune Maharashtra. The company generated a revenue of Rs. 28.3 crore during FY-24