Pune-based commercial vehicle maker Force Motors today said it would invest Rs 1,000 crore across the passenger and commercial vehicles platforms over the next two years.
"We plan to invest Rs 1,000 crore over the next two years. Of the total amount, we plan to invest Rs 400 crore in the passenger vehicle segment and the rest in commercial vehicles space. The funds will be generated through a mix of internal accruals and other capital raising methods," Force Motors Chairman Abhay Firodia said.
Earlier in the day, the company rolled out its first 2.2-litre diesel sports utility vehicle (SUV) 'Force One,' priced at Rs 10.65 lakh (ex-showroom Delhi). The vehicle will be available in the market from September 1.
The company has roped in Bollywood actor Amitabh Bachchan as its brand ambassador to promote the vehicle.
The automaker also plans to launch two more variants of the SUV over the next two years, Managing Director Prasan Firodia said.
The SUV market has an annual potential of 70,000 units and the company aims to sell 4,000 vehicles in the first year, Firodia said, adding the first SUV launched from the passenger vehicle platform is 76% localised.
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Force Motors, known for its light commercial vehicle brands like Tempo, Matador and Traveller has invested around Rs 150 crore in developing the SUV, which is being rolled out from its Pithampur, Madhya Pradesh, facility.
The Pithampur plant has an installed capacity of 12,000 SUVs, which will be gradually scaled up to 24,000 units, Prasan Firodia said.
The Force One will be available at its 22 dealerships, he said, adding the number of dealer networks will be expanded to 44 by the end of the year.