Pune-based electric mobility company Tork Motors may be in trouble over its financial condition. According to a media report, Tork Motors has not been able to dispatch the Kratos R electric motorcycle to its dealers since December 2023. Reports reveal that the dealers were supposed to receive fresh deliveries by June 2024 but that has not happened either.
Tork Motors – No Dispatches Since December Last Year
Without dispatches from the company the dealerships have found themselves in a tight spot between Tork and the customers. Sources reveal that the dealers are still receiving inquiries but have stopped taking fresh orders. Most customers have also cancelled their bookings as there has been no dispatch since 6 months. In addition to this, reports also say that the company Chakan production facility has also come to a standstill since the past year.
Tork Motors – Employees in Trouble?
However that’s not it, media reports also reveal that several employees have already left the company and many more are serving a notice period and looking for new jobs. Salaries of many employees have not been paid for as long as 6 months, reveal reports. However, there has been no official confirmation on the same as sources are not able to contact the company for a comment.
Tork Motors – Funding
Media reports also reveal that in February 2024, Tork Motors had raised about INR 50 Crore in fresh funding. However, it got shelved at the last moment. The further withdrawal of EV subsidies have brought more strain, especially on electric vehicle start-ups.
Apart from manufacturing the Kratos R, Tork Motors is also a powertrain manufacturer for electric two-wheelers and three-wheelers. Tork Motors also has investors such as Bharat Forge which holds the majority stakes as well as others including Ratan Tata, Maxis Capital and more.
Also Read: Subsidies for electric 2-wheelers in India extended till September 30th
