- TVS Motor to invest Rs 1,000 crore on e-mobility
- Plans to launch over six EVs in the next two years
- 500-600 engineers working on concepts
TVS Motor has pledged Rs 1,000 crore towards electric vehicles. The new upcoming electric vehicles will be manufactured under a separate vertical. As per the report the company is planning to launch over six electric vehicles across segments in the next two years. These upcoming electric two and three-wheelers are expected to be in the range of 5-25kW.
TVS Motor is said to be visualising its presence across various electric vehicle segments. As per the report, Sudarshan Venu (Joint Managing Director of TVS Motor Company) said that they have been discreetly working on electric vehicles for the last ten years, and it is a huge focus area for them. He further said that the company is investing in future e-mobility, looking forward to forming partnerships for fast charging ecosystem and is foreseeing positive growth margins for iQube which the company plans to achieve by the end of 2021.
The company's new electric vehicle vertical has 500-600 engineers working on different concepts. These new upcoming EVs will be designed and developed in India, and the company will not only offer them in the country but also export them to international markets. The Hosur-based automaker is also reported to be developing an integrated vehicle architecture, battery manufacturing facility and other important parts to be manufactured in-house.
As of now, the company offers the iQube electric scooter in Bengaluru, Chennai, Pune, Delhi, and Coimbatore, which is further said to be made available across 1,000 dealerships by March 2022. The company is also expected to launch another electric scooter by the end of 2022, which will be based on the Creon concept.