The Ambassador was one of India’s most iconic automobiles, and it was a symbol of prestige in the country. It is already a relic of the past, but its manufacturer, Hindustan Motors, is apparently planning a comeback. The global auto industry is undergoing a transition, with most major corporations planning to launch electric vehicles. While the electric vehicle sector is still in its infancy, Hindustan Motors is apparently planning a return to electric automobiles.

According to a Business Standard story, Hindustan Motors, India’s first vehicle manufacturer, is trying to restore its business by forming a joint venture (JV) with a European automaker in the EV industry. Hindustan Motors produced the renowned Ambassador car, which began production in 1958 and ended over 50 years later in 2014.

Hindustan Motors has signed a memorandum of understanding (MoU), and the needed due diligence is likely to take three months. According to Uttam Bose, a director at Hindustan Motors, the firms are currently debating the equity structure. In the present proposed structure, Hindustan Motors will hold 51% of the corporation, with the remaining 49% owned by an unknown European company.

The joint business will not just focus on electric cars, but its initial vehicle will be an electric scooter. This comes when electric two-wheeler sales are at an all-time high and fast expanding. According to a recent estimate, the sale of electric scooters has increased fivefold.

They will produce electric vehicles at the company’s 295 acres Uttarpara facility in West Bengal, which ceased operations in 2014. It will be fascinating to observe how Hindustan Motors competes with the existing players with their electric automobiles.