Electric two-wheeler sales have dipped from 6,000 units in March to almost nil.
Diesel with its better pulling power and fuel economy has traditionally dominated the UV segment.
The funds will be utilised to upgrade products for transition to BS VI emissions standards, set up production lines and scale up its gears business, the company said.
The comment from the country’s largest vehicle maker by revenue comes a day after car market leader Maruti Suzuki said it would stop selling diesel-powered vehicles from April 2020.
Around 23% of all units sold by the company in the domestic market currently are diesel cars.
Production growth of 8% for the Indian automotive industry has come at a time when global automobile production itself declined for the first time in a decade, by 1.1% to about 95.6 million units.
Wholesale volumes of PVs rose 2.7% to 3,377,436 units, of commercial vehicles by 17.55% to 1,007,319 units.
According to data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales grew 2.7% to 3,377,436 units in FY19.
The businessman, who has been studying the electric mobility space for the few years, has invested Rs 500 crore of his personal wealth in Revolt Intellicorp.
Automakers, however, expect sales to perk up once election results are announced in late-May.
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