Argentum Motors, India’s largest independent automotive contract manufacturer in joint venture with Heuliez is planning to launch electric cars.
Argentum is now going to establish itself as a serious car manufacturer. The company has joined hands with a French auto design company Heuliez to showcase an electric hybrid car at the Paris Motors Show, scheduled for October.
Incidentally, Heuliez is reeling under bankruptcy and Argentum is in the process of acquiring a majority stake of the company. The acquisition deal is estimated to worth 70 million euros and is likely to be completed by this month end.
Currently, the company is manufacturing Opel Tigra twin top and is also under contract to manufacture components for Peugeot and other European brands. In addition to Heuliez, the Argentum is also trying to partner with another French company that provides high-end engineering solutions to automotive and aerospace sectors.
Argentum has a present partnership with Australian company, Cocentric Asia Pacific and software solutions major Dassault System for design and engineering of power-train components for global automotive companies.
The company is upgrading its facility in Himachal Pradesh, which was earlier owned by Korea’s Daewoo Motors. Once upgraded, the facility will be able to manufacture cars and power trains for global automotive companies.