Folks Motor Expands into EV Retrofitment, Finance, and Asset Management

Automotive retrofitment company Folks Motor said it is expanding its operations into electric vehicle (EV) finance, asset management, and industrial infrastructure. The company, led by Founder and CEO Nikhil Anand Khurana, has developed EV retrofitment technology aimed at converting older petrol and diesel vehicles into electric ones.

The firm is working on integrating a range of powertrain platforms and power electronics to facilitate the transition to electric mobility. It is collaborating with suppliers to enhance the scalability and accessibility of EV retrofitment solutions.

Folks Motor is also launching Folks Finance, a division focused on financing options for EV buyers, retrofitment customers, and businesses. The financial services will include project financing, bill discounting, working capital loans, and funding support for EV dealers and component manufacturers.

The company is targeting ₹200 crore in revenue by the 2026-27 financial year, with an overall project investment of ₹500 crore. It plans to raise $100 million in ESG capital for further expansion. The funds will be used for land acquisition, capital expenditures, warehousing, and setting up an industrial park.

Folks Motor has received recognition from Prime Minister Narendra Modi and Niti Aayog for its work in the EV sector.

EV retrofitment, which converts conventional vehicles into electric ones, is emerging as a cost-effective solution for reducing emissions without requiring new vehicle purchases. This approach is particularly relevant for commercial fleets and older vehicle owners. Companies like Folks Motor are leveraging this demand by offering certified retrofit kits and hybrid solutions.

Financial support remains a key factor in accelerating EV adoption. Traditional financing models often do not cater to retrofitment solutions, creating a gap that new players like Folks Finance aim to address. By providing structured lending options, the company seeks to boost affordability and accessibility in the EV market.