TVS Motor signs MoU with Tamil Nadu government for an investment of Rs 1,200 crore in EV space
This investment will majorly focus on the design, development and manufacturing of new products and expand its capacity in the electric vehicle spaces.
Indian multinational automotive company, TVS Motors has announced to invest in electric vehicle manufacturing. The company has signed an MoU with the Tamil Nadu government to set up its electric vehicle manufacturing facility. This move has brought the two-wheeler company closer to Ola Electric who is opening its Future factory which will be the largest electric two-wheeler manufacturing facility in the world.
TVS Motor Company signs MOU With Tamil Nadu Govt for investment of Rs. 1200 Crore in Future Technologies and Electric Vehicles. The MOU was signed in the presence of the Honourable CM of Tamil Nadu, Thiru. M.K. Stalin and Padma Bhushan Shri. Venu Srinivasan, Chairman TVS Motor. pic.twitter.com/xeod84kHpg— TVS Motor Company (@tvsmotorcompany) November 23, 2021
TVS Motors will be investing Rs 1,200 crore in the state in the next four years for manufacturing EVs and also work on future technologies. The MoU was signed between the government and TVS Motors in the presence of Chief Minister M K Stalin during the Tamil Nadu Investment Conclave in Coimbatore. This investment will majorly focus on the design, development and manufacturing of new products and expand its capacity in the electric vehicle spaces.
TVS Motor currently offers only one electric vehicle under the EV category. TVS iQube electric scooter was launched by the company in January last year. The price of the scooter goes above Rs 1 lakh and it is available in 33 cities across the country. The e-scooter by TVS Motors is a direct rival to the Ather 450X and Bajaj Chetak Electric. In September 2021, TVS has sold 766 units of iQube electric scooters that results much higher than its rival Bajaj Chetak Electric.