Eicher Motors to invest Rs 440 crore in Spanish EV firm Stark Future SL

Eicher Motors Ltd will buy a nearly 10.35 per cent stake in Spanish electric motorcycle maker Stark Future SL for Rs 440 crore ($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.

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"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 per cent of global sales by 2028, according to consultant AlixPartners, from less than 8 per cent last year.