TVS Motor to Invest Rs 1,000 Cr to Manufacture Electric Vehicles
The company is aiming to release a new portfolio of two-wheelers and three-wheelers in the range of 5-25kW within 24 months
India’s largest two-wheeler maker TVS Motor has committed Rs 1,000 crore to manufacture electric vehicles under a separate vertical. The company has set up a dedicated factory for the manufacturing of these e-vehicles, which it says is scalable. The EV plant is expected to have a capacity of around 1 lakh units a year, including both two-wheelers and three-wheelers.
The company is also developing an integrated vehicle structure, with manufacturing of battery and other critical parts managed in-house.
The new EV strategy is being led by Sudarshan Venu, the company’s joint managing director. He is being assisted by Ralf Speth, former CEO of Jaguar Land Rover and Singapore-based investor Kuok Meng Xiong, as mentioned in a report in The Economic Times.
The company is aiming to release a new portfolio of two-wheelers and three-wheelers in the range of 5-25kW within 24 months. TVS predicts that its vehicles will penetrate segments such as the delivery market, commuter space, premium scooters etc.
Sudarshan Venu told the daily that they have been working on EVs for the last one decade. He foresees TVS transforming into a digital-age company with a cool and electric brand. “We want to scale up the TVS electric experience pan India, and it is a space where we would like to play a leading role,” he said.
The company’s EV vertical has 500-600 engineers. They are already working on various concepts to meet the needs of the market.
TVS has already launched its first EV offering iQube that is currently being sold in Bengaluru, Chennai, Coimbatore, Delhi and Pune. It will be available across 1,000 dealerships in major towns and cities by the end of FY22.
Source: businesstoday
