Blue Energy Motors is making a bold push toward India’s electric trucking revolution, setting its sights on $3 billion in revenue over the next five years. The target is tied to the company’s plan to sell 30,000 electric trucks within that period.
To achieve this, the company is gearing up for a major infrastructure expansion and component localization drive. It is finalizing a ₹3,500 crore investment plan with the Maharashtra government to build a robust EV ecosystem. So far, Blue Energy Motors has raised about $50 million to support its Indian operations.
“We’ve set a goal of 30,000 EVs over five years—that’s the vision,” said Anirudh Bhuwalka, Founder and Managing Director of Blue Energy Motors. He added that reaching this milestone would translate into roughly $3 billion in revenue.
The substantial capital outlay comes as the company’s current 10,000-unit production capacity—covering both LNG and EV trucks—nears its limit. The new ₹3,500 crore investment will primarily go toward setting up an additional manufacturing facility, expected to take 24–36 months to complete. The entire three-year investment plan will be centered in Chakan, leveraging the region’s strong industrial ecosystem.
The initiative follows an MoU signed earlier this year at the World Economic Forum in Davos.
However, the investment isn’t just for new plants. It’s aimed at securing control over key EV technologies—battery systems, components, and charging infrastructure—to ensure long-term reliability and cost efficiency.
Blue Energy Motors recently unveiled its electric heavy-duty truck featuring battery-swapping technology, launched by Maharashtra Chief Minister Devendra Fadnavis at the company’s Chakan facility in Pune.
Key Highlights of the ₹3,500 Crore Investment
- Battery Pack Localization: A major portion of the funds will go into establishing a 1.7-gigawatt battery pack production line. The company plans to localize pack manufacturing—currently reliant on imports from China—and retain the technology and IP in-house.
- Battery Swap Network: Another significant investment will support the rollout of 1,200 battery swap stations across major freight corridors. Each station, estimated to cost $0.5 million, will be part of the company’s “energy-as-a-service” model, which integrates electricity, battery, and operational costs into a per-kilometer charge. Early pilot programs on the Mumbai–Pune route show EV trucks operating at about ₹25 per km—half the cost of diesel trucks, which run at roughly ₹50 per km.
Bhuwalka emphasized the urgency of the expansion, saying the new plant must come online quickly as the market shift toward electrification “will happen faster than most expect.”
Dual Strategy: LNG for Long-Haul, EV for Short-Haul
While the immediate focus is on EVs, Blue Energy Motors is also pursuing a dual-fuel strategy—electric for short hauls and LNG (liquefied natural gas) for long-distance transport.
The company first entered the clean mobility space through LNG, recognizing that electric trucks are best suited for shorter routes. It introduced India’s first LNG truck several years ago. “For long hauls, LNG is still the most practical option today,” Bhuwalka noted, adding that it will remain dominant for at least three to five years until charging infrastructure matures.
This phased strategy—starting with LNG and now expanding to EVs as battery prices fall—positions Blue Energy Motors to serve the full spectrum of India’s freight market. The company believes this integrated approach will be critical in reaching its ambitious $3 billion revenue goal.
