The growth of electric vehicle market is growing at a rapid rate in India and no company would want to miss out on this marathon. All automobile giants like Tata, Bajaj, Hero electric, etc. have understood the market momentum and decided to increase their contribution in the Indian EV market, and now the news is coming from the CMD of TVS motors that they will be opting to increase their production line for electric vehicles.
TVS investments in EV vertical:
TVS motors have already launched their one modal of electric scooter in the market “TVS iQube” which doesn’t perform well and receive a negative response from the customers, but it was an appreciable start from TVS motors. But unlike before TVS is gone manufacture a separate integrated platform for their upcoming electric two-wheelers, and even TVSM’s officials stated that they are going to earmark 1000 crore rupees to grow their EV portfolio. TVS is planning to invest nearly 600 employees, separate infrastructure, with a self-managed EV battery manufacture hub. This is a major step taken by TVSM to provide better EV options for Indians and promoting green and clean commutes.
TVS catering audience:
With their electric two and three-wheelers, TVSM will cater to the audience for a daily commute, goods delivery, and will work like a charm for taxi and shared mobilities. But, being one of the old and reputed automobile industry player the TVS launching only EVs sounds quite weird but that’s not true, company’s CEO said that all the investments will be done to be future-ready and this indicates the TVS will also be contributing for the betterment of EV eco-system i.e. charging stations and battery servicing.
In auto expo 2019 the TVS has showcased a concept of electric scooter with the name of TVS Creon which is expected to be the next EV launch from them also in auto expo 2018 they has showcased one of their hybrid electric scooter Zeppelin which can run on both petrol and battery which is expected to be the first hybrid scooter in India automobile market. The TVSM is running right now in profits but the decisions taken by the company will definitely help to boost their profits.
Summary:
The TVS motors has decided to raise funding of 1000 crore rupees to grow their EV portfolio they have decided to launch their 6 electric 2 and 3 wheelers till 2024 in Indian market. They are also planning to manufacture separate infrastructure to work on their electric vehicles.
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