TVS Motor Co. to Invest INR 1,000 Crore in Electric Vehicles Segment
20 July 2021: India’s third-largest two-wheeler maker, c, has plans to invest Rs.1,000 crore to manufacture electric vehicles. Sudarshan Venu, the company’s joint Managing Director, said that the proposed EVs will fall under an independent vertical.
Venu, as the company’s New Strategy leader, this new line of Electric Vehicles is his vision. Ralf Speth – recently appointed as chairman of TVS Motor and former CEO of Jaguar Land Rover and Kuok Meng Xiong – a leading global eCommerce investor for ByteDance, Palantir and Airbnb – are mentors to the young scion.
Despite new-age EV entrants, mainstream two-wheeler makers are also being measured with them. Chetak from Bajaj Auto seems to be on its reincarnation journey, while TVS Motor seems to be as aggressive as ever. Additionally, Hero MotoCorp is steadily investing in Ather Energy and its in-house EV projects.
TVS Motor is working diligently on its 5-25kW two- and three-wheelers portfolio, launching all of them within 24 months. It aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers.
The company’s new EV vertical has 500-600 engineers are already working on multiple concepts for the new market needs. Designed and developed in India with global R&D, this range of EVs aims to launch in foreign markets.
The infrastructure for charging is critical for faster EV adoption and TVS Motor is planning strategic partnerships to create an ecosystem of fast-charging vehicles.
TVS Motor’s first EV, the iQube, will go from Bengaluru, Chennai, Coimbatore, Delhi and Pune to over 1,000 dealerships in major Indian towns and cities by FY22 end. Around then, it will also launch its Creon-concept end, foreseen to be the most advanced electric two-wheeler in India.