- TVS to invest Rs 1200 crore in EV
- Will be used to develop new EV products
- Currently sells iQube
TVS Motor Company has announced to invest a whopping Rs 1200 crore in Tamil Nadu. This investment will be used to develop and deploy electric vehicles and future technologies.
The Hosur-based company has signed a Memorandum of Understanding with the Tamil Nadu government. It also plans to use some of this investment to expand its electric vehicle production capacity. As of now, the company sells the iQube in the two-wheeler space and also has the King electric autorikshaw.
TVS is quite bullish about the EV industry and it is quite clear from this new investment that it doesn’t plan to slow down its developments. We are quite excited to see what the company comes out with as we believe TVS will bring in one of the most practical and aspirational electric scooters and motorcycles in the future.