The transaction amounted to €50 million for 10.35% of Stark Future
Eicher Motors will buy a nearly 10.35% stake in Spanish electric motorcycle maker Stark Future for €50 million, the company said in a statement, the latest such investment by the Indian company amid growing demand for electric vehicles.
Parent company Royal Enfield will appoint a director to Stark’s board of directors, which currently has no office in India.
“This investment will pave the way for a long-term partnership in joint electric motorcycle research and development, technology sharing, technical licensing and manufacturing,” Eicher said.
Rival motorcycle maker Hero MotoCorp said in September that it would invest in California-based Zero Motorcycles to jointly develop electric motorcycles.
Electric cars are expected to account for 33% of global sales by 2028, according to consultant AlixPartners, up from less than 8% last year.