TVS to invest Rs. 1,200 crore in future tech & EVs

TVS is developing a range of electric 2-wheelers and 3-wheelers in the 5-25 kW category.

TVS Motor Company has signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up an electric vehicle manufacturing facility in the state.

Under the MoU, TVS will invest Rs. 1,200 crore in the state in the next four years. With the fresh investment, the company will focus on the design, development and manufacturing of new EVs and capacity expansion.

At present, the brand's electric portfolio includes just one e-scooter, the iQube. It competes with the likes of the Ather 450X and Bajaj Chetak.

In July this year, TVS had announced that it is working on a range of electric 2-wheelers and 3-wheelers in the 5-25 kW category. The company has set up a separate EV vertical as well as a scalable manufacturing facility.