[TusharK]

Pune-based electric 2-wheeler maker, Tork Motors, could be winding down its operations. As per reports, production has ground to a halt and the company has even sent a ‘Notice of Role Dissolution and Employment Termination’ email to its employees.



Tork Motors has not dispatched a single vehicle to its dealers since December. In fact, it is said that dealers have filed a police complaint against the company over pending dues. As per Kiran Pathare, Assistant Police Inspector, Pimpri Chinchwad, the investigation is ongoing and action should be taken by next week.

Another big development is that Bharat Forge, the biggest shareholder in Tork Motors, has written off its investment. The Kalyani Powertrain Limited, a subsidiary of Bharat Forge, controls a 64.29% stake in Tork Motors.

Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, said, “We have written off all our investment in this company so far. We are working with them to see how we do an orderly wind-up. But as far as our investment is concerned, this is the large part of it.”

Tork Motors’ profitability took a hit following the withdrawal and reduction in the FAME scheme. It is said to be one of the main reasons why the company has been struggling to stay afloat.

Source: ET Auto

Link to Team-BHP News

[Elegant]

I already knew that they were struggling through other sources. But, I guess, OLA entering their segment was the final nail in the coffin.

[pugram]

Originally Posted by TusharK

Pune-based electric 2-wheeler maker, Tork Motors, could be winding down its operations. As per reports, production has ground to a halt and the company has even sent a ‘Notice of Role Dissolution and Employment Termination’ email to its employees.

In 2016 they had a pre-book option for Tork T6x, to which I had opted, of course no booking amount requested. The main reason was their racing background and tech know how. However they totally ignored the booking when Kratos was being proposed. They took their own sweet time to launch Kratos and no dealership available in a city like Chennai.

Hope they pull up their socks and get out of whatever troubles they are in.

[Phantom 510]

I still clearly remember the Tork Powered FZ being showcased in powerdrift almost a decade back and it really was something. Tork powered FZ had plenty of grunt which the original FZ16 lacked. Tork motors have such a strong racing background and that too in the Isle of the man electric GP. I am sure they will find a way out of it and bounce back.

[souravdas808]

Originally Posted by Phantom 510

I still clearly remember the Tork Powered FZ being showcased in powerdrift almost a decade back and it really was something. Tork powered FZ had plenty of grunt which the original FZ16 lacked. Tork motors have such a strong racing background and that too in the Isle of the man electric GP. I am sure they will find a way out of it and bounce back.

They can not bounce back, already filing for bankruptcy.

[antz.bin]

Just yesterday on the highway, a Torq bike overtook my car and I initially thought it was a Duke. It's swiftness and agility had me confused. I only realised it was a Torq after it had passed me and I saw the green plate.

It will be a big loss to the ecosystem if Torq has to pack up. It was one of the few well engineered offerings. They may not have seen the success of Ather but from what I read over the web, their offerings were solid (apart from the fast charging plug fiasco). I was actually counting on them to pull through but I guess they couldn't survive the funding winter.

I hope they manage to sell their IP to someone like an Ola and help them get better in the process. Ola is going to need any and all help they can get to get better. What better chance than this to help get a headstart?

[sandeepmdas]

Originally Posted by TusharK

Tork Motors’ profitability took a hit following the withdrawal and reduction in the FAME scheme. It is said to be one of the main reasons why the company has been struggling to stay afloat.

Source: ET Auto

Cannot understand this point. The FAME II scheme was a well-defined one with clearcut time window and funding limit. Three years beginning from 01 April 2019 and 10,000 crores. As per my understanding the scheme was extended till July 2024 to compensate the COVID lockdown. Did I miss something?

To ET Auto: How did Tork fail to foresee the scheme closure?

[dsuman]

This was expected. There was a Torq dealership in my hometown which is now closed. There was hardly any advertisements for Torq Motors. I feel they did not do enough promotions. OLA being a Taxi aggregator had become a household name so the brand recall was easy when they introduced e -scooters. Torq being a new entrant into commuter ev bikes segment should have focused on brand building. Its always sad to see a Business file for bankruptcy. Pity on the few of Torq ev owners, they will be left with no support.

[b16h22]

It was not just the lack of support or marketing that killed Tork. This is a recent thread from our own forum. They certainly couldn't attain the necessary quality levels on their offerings for sure. Considering how early they got into the EV game, they have only themselves to blame here. The likes of Ather have established themselves with proper planning and execution within a short time.

https://www.team-bhp.com/forum/motor...motors-hq.html (Tork Kratos R Owners protest at Tork Motors HQ)

[Phantom 510]

Originally Posted by souravdas808

They can not bounce back, already filing for bankruptcy.

Yes, you are correct!

[Chisels121]

As far as I know thay were not good in QC and their marketing was not that great too. So I am not surprised they are gone.

[Aditya]

Thanks to the Team-BHP fan (he prefers to remain anonymous) who sent this information in. Heartfelt gratitude for sharing it with other enthusiasts via this Team-BHP share page!

Dear Sir,

I am a Tork Motors dealer. I will like to share further details on how Tork Motors cheated all dealers.

They took lakhs of Rupees from dealers for new orders even when they were aware that their factory had stopped manufacturing a long time back. They kept on telling us that they were waiting for EMPS certification. Once they received it, they would start dispatching vehicles. There are many dealers who have set up showrooms and paid money for stock, but not a single vehicle has been received by them.

It's a complete case of fraud. We dealers have lodged a case with Bhosari MIDC (Pimpri Chinchwad) Police Station. It's been more than 3 weeks but no FIR has been filed against CEO Kapil Shelke and 4 other directors from Bharat Forge.

Bharat Forge is the one culprit here who has suddenly withdrawn from the business without providing any reason. Bharat Forge, through Kalyani Powertrain owns 64.59% of Tork Motors and 64.59% of Lycan Motors (parent company of Tork). Also, Kalyani Powertrain has set up a manufacturing unit solely for Tork Motors. After all this, Bharat Forge is claiming that we are just investors and not involved in the business. Their response is a joke.

Every dealer has lost Rs. 1.5-2 crore as they have been forced to shut down showrooms within a year. Every dealer has a ledger balance of Rs. 60-90 lakh as they deposited money for vehicle load. We are struggling to handle customers as after the company closure, there is no way of supporting customers.

For any repairs related to ECU, battery, motor, the vehicles require to be configured using a laptop, which was done by Tork service engineers over the internet through a remote desktop. As Tork Motors has terminated all employees, the service support has completely broken down.

Customer vehicles have turned into bricks as there is no way to configure them after any repair. We all are facing tough times as we are getting notices from banks once this news was published in the media.

Thanks!

[dsuman]

This is one of the key reasons why people prefer to go with established and reputed Manufacturers. There simply is no accountability and the management has sipphoned off crores from guiilble dealers. Incidents like are pushing the nail further into the coffins of Business who trust startups like these.