TVS To Invest Additional Rs 1,000 Crore In Electric Vehicles

Two-wheeler manufacturer TVS Motor Company is set to make another round of investments to further strengthen its electric vehicle portfolio and increase production capacity. According to a report in The Economic Times, TVS is set to invest a further Rs 1,000 crore into its EV business – its second major investment in the EV space in the last two years. Quoting TVS MD Sudarshan Venu, the report states that part of the investment is set to go into increasing production capacity to up to 25,000 units a month by the end of 2022 and up to 50,000 units a month by the end of next year.

Sudarshan Venu, Managing Director of TVS told ET that the company expected 30 per cent of scooter sales to come from EV and 35 per cent of all three-wheeler sold being EVs in India by 2025.

While TVS recently launched the upgraded iQube electric scooter in India, Venu has reportedly said that a second EV is also in the works for a 2022 launch. While the investment in EVs will help TVS grow its portfolio and increase production, the company is not shifting its focus away from conventional internal combustion powered models. Venu reportedly said that the company still has new internal combustion products lined up for the Indian market, particularly in the lifestyle segment. Venu also said that a higher mix of TVS’ future investments would be towards EVs with the growth in the electric space being a key focus.

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