Monday, September 26, 2022

TVS will invest Rs 1,000 crore in its e-vehicle business, will increase…

Sudarshan Venu, MD, TVS Motor, in a statement to ET, said that the company is targeting to produce 25,000 units of electric vehicles a month. After this year, the target is to increase to 50,000 units. With this, the company’s annual electric vehicle production capacity will increase to 5 to 6 lakh units.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

Sudarshan said that by 2025, 30 percent of two-wheelers and 35 percent of three-wheelers sold in India will be electric. Looking at this figure, the company is trying to ensure its share in the EV market. The company is investing in improving its production capacity to supply electric vehicles as per the market demand in the times to come.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

He said that in the coming times, new and old companies will invest heavily in the electric vehicle industry of India. TVS is investing Rs 1,100 crore through its Singapore business arm. The company is investing around Rs 750 crore in SEMG, which was acquired only last year.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

Apart from this, the company is investing Rs 130 crore in EGO Corporation and the balance amount in Norton. This takes the total investment in TVS Singapore to Rs 1,892 crore. TVS recently launched new models of its iCube electric scooter. The company claims that by the end of this year, the company will start making 25,000 units of iCube per month.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

TVS Motor MD Sudarshan Venu also said that the focus in the electric vehicle business does not mean that the company will stop looking at its petrol vehicles. He said that work is being done to improve petrol vehicles also continuously.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

TVS Motor has registered a huge growth in the sales of iQube electric scooter in the last June. TVS recorded 4,667 units of iQube sales in June 2022 which is the highest ever. According to the company, the new models of TVS iQube now get more range and features than before, due to which customers are very fond of them.

TVS will invest Rs 1,000 crore in its e-vehicle business, the company will increase production of electric vehicles

The new TVS iQube has been introduced in three variants which include iQube Standard, iQube S and iQube ST. Their prices start from Rs 98,654 and go up to Rs 1,19,663 (ex-showroom, Delhi).

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