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TVS Motor lines up fresh investments of INR 1,000 crore in EV push
TVS Motor Company aims to expand its EV (electric vehicle) product portfolio in coming years. The company plans to invest Rs 1,000 crore for the current financial year and the fund will be used for increasing production capacity and manufacturing EV models. The strategy is to double EV production capacity to 25,000 units per month by the end of 2022 and further increase it up to 50,000 units a month in the following year. With this plan, TVS will take its annual production capacity to 5-6 lakh units.
Speaking to an online media publication, Sudharshan Venu, Managing Director of TVS Motor, has revealed that the company expects to achieve 30% of electric scooter market and 35% of the three-wheeler market by 2025. The company recently introduced the updated iQube electric scooter and it’s reported to have a “healthy order backlog”. With its production and network expansion plan, TVS aims to reduce its waiting period. He also revealed that the company will bring in a new EV in the second half of 2022.
As of now, there is no official information of the upcoming new TVS electric scooter. TVS Motor Company is co-developing new platforms and future technologies (including EVs) with BMW Motorrad. If reports are to be believed, the company is working on 6 new electric vehicles for India. The Chennai-based automaker has also planned several new ICE (internal combustion engine) models for the home market.
icn
TVS Motor Company aims to expand its EV (electric vehicle) product portfolio in coming years. The company plans to invest Rs 1,000 crore for the current financial year and the fund will be used for increasing production capacity and manufacturing EV models. The strategy is to double EV production capacity to 25,000 units per month by the end of 2022 and further increase it up to 50,000 units a month in the following year. With this plan, TVS will take its annual production capacity to 5-6 lakh units.
Speaking to an online media publication, Sudharshan Venu, Managing Director of TVS Motor, has revealed that the company expects to achieve 30% of electric scooter market and 35% of the three-wheeler market by 2025. The company recently introduced the updated iQube electric scooter and it’s reported to have a “healthy order backlog”. With its production and network expansion plan, TVS aims to reduce its waiting period. He also revealed that the company will bring in a new EV in the second half of 2022.
As of now, there is no official information of the upcoming new TVS electric scooter. TVS Motor Company is co-developing new platforms and future technologies (including EVs) with BMW Motorrad. If reports are to be believed, the company is working on 6 new electric vehicles for India. The Chennai-based automaker has also planned several new ICE (internal combustion engine) models for the home market.
icn