TVS Motor Company, the fourth largest two-wheeled manufacturer in India, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for an investment of 1,200 crore Rs on future technology and electric vehicles (EV).
The MoU was signed before the Chief Minister Tamil Nadu MK Stalin and motorcycle TV chairman Venu Srinivasan, at the investment conclave of Tamil Nadu 2021 in Coimbatore.
Investment will be scattered for four years, and will be primarily for design, development, and manufacture of new products and capacity expansion in EV rooms.
EV subsidiary.
A few months earlier, TV has announced plans to invest RS 1,000 crore in EV business, and is preparing new subsidiaries for this.
At present, IQUE is the only electric product on the market from TV.
The first All-Electric Scooter was first launched in January 2020. The battery-powered scooter with a range of 75 km is available in New Delhi, Chennai, Pune, Coimbatore, Kochi and Bengaluru, as part of 33 cities launched. However, like the whole industry, the company also struggles to increase production due to lack of parts.
In September, the company based on Chennai picked up 80 percent of the shares in the Swiss company’s ego movement for $ 17.9 million. The ego movement is a Swiss technology company that provides various mobility solutions through e-bikes portfolios, e-cargo bikes, and e-scooters.