NEW DELHI: Folks Motor, a leader in automotive retrofitment solutions, is rapidly expanding its footprint within India’s electric vehicle (EV) ecosystem. Under the leadership of Founder & CEO Nikhil Anand Khurana, who holds a patent for his innovative EV retrofitment technology, the company is diversifying its business model to encompass financial services, asset management, and industrial infrastructure.
Folks Motor initially revolutionized the EV retrofitment sector by providing advanced powertrain solutions and systems integration. The company’s cutting-edge technology enables the transition of older diesel and petrol vehicles into electric ones, helping accelerate cleaner mobility in India. With this scalable solution, Folks Motor has successfully made it feasible to convert 10-year-old vehicles into electric-powered ones, contributing to a more sustainable environment.
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Nikhil Anand Khurana, Managing Director and CEO of Folks Motor, stated, “We are incredibly proud to be at the forefront of the electric vehicle (EV) revolution, driving innovation and creating scalable solutions that can reshape the mobility landscape. At Folks Motor, our mission is not just about providing retrofitting solutions but about advancing a holistic ecosystem for sustainable transportation. By enabling the transition of older, fuel-driven vehicles to electric ones, we directly contribute to cleaner air and a more sustainable future.”
The company’s innovative solutions are not limited to retrofitment alone; Folks Motor has also ventured into financial services with the launch of Folks Finance. This new initiative will offer retail financing for EVs and retrofitment solutions, along with corporate financing options such as project financing, bill discounting, working capital loans, and financial support for EV dealers and component manufacturers. Folks Motor’s commitment to financial accessibility will help expedite the adoption of electric vehicles, especially among retail customers, SMEs, and component manufacturers.
Recognizing the global growth potential in the EV market, Folks Motor is targeting ₹200 crore in revenue by FY 26/27. The company plans to use the funds to acquire land, invest in CAPEX, develop warehousing, and establish an industrial park, with a total project investment of ₹500 crore. Additionally, the company aims to raise $100 million in ESG capital to further bolster its technology-driven operations and expand its services.
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The global electric vehicle component market, valued at USD 148.32 billion in 2022, is expected to grow to USD 1001.95 billion by 2032, with a CAGR of 21.05%. As a pioneer in EV retrofitment and financial services, Folks Motor is poised to capitalize on this immense market opportunity.
Folks Motor has already received recognition from prominent industry leaders, including Prime Minister Narendra Modi and Niti Aayog, for its contributions to the xEV category. The company continues to play a crucial role in India’s automotive transformation and is driving significant progress toward a more sustainable future.
About Folks Motor:
Folks Motor provides hybrid electric retrofit solutions for cars, aiming to increase fuel efficiency and reduce running costs. Their services include HyB Cars (certified pre-owned cars with hybrid retrofitting), HyB Kits (hybrid electric retrofit kits for specific car models), and HyB Care (green car care services such as washing, charging, and paint protection). Folks Motor’s eco-friendly solutions offer benefits like improved fuel efficiency, reduced emissions, and a unique gearless electric driving mode, making it a key player in India’s journey towards sustainable transportation.
