TVS to invest Rs. 1,000 crore in EV business

TVS has been quietly working on EVs for the last decade.

TVS Motor Company plans to invest Rs. 1,000 crore to set up a separate vertical dedicated to electric vehicles (EV).

The company has confirmed that it will have a complete portfolio of electric 2-wheelers and 3-wheelers in the range of 5 - 25 kW, within the next 2 years. The new line-up will consist of premium scooters, high-performance motorcycles, electric 3-wheelers and products aimed at the delivery and commuter segments.

The new EV vertical already has 500 to 600 engineers working on various concepts, both for domestic and international markets. An integrated vehicle architecture is said to be under development. TVS has also set up a scalable manufacturing facility for EVs.

Sudarshan Venu, Joint Managing Director, TVS Motor Company, has stated that the company has been quietly working on EVs for the last decade. At present, TVS offers the iQube electric scooter, which competes with the Ather 450X and Bajaj Chetak.

Source: ET Auto