- New EV company for TVS
- Recently acquired Ego Movement
- More EVs in the future
TVS has decided to setup a new company that will take care of all its electric vehicle plans. This company will act as a subsidiary and will be home to the company’s EV product launches, development and expansion along with setting up EV infrastructure.
TVS claims that it has over 500 engineers working on various EV concepts for two-wheeler as well as three-wheeler industries. It plans to spend upto Rs 300 crore in the immediate future on these technologies. The company recently acquired a majority stake in Switzerland-based EV company – Ego Movement.
The company currently sells the iQube e-scooter in the country. This EV is currently available in selected cities, but we can expect the product to go to many other showrooms very soon. Once this is done, we can expect the Hosur-based company to introduce more EVs in the future.