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TVS Motor Company’s board on Thursday approved the proposal to establish a separate subsidiary under the company to operate its electric vehicle business.
“The subsidiary will give us freedom, better focus and flexibility to create scale in the EV business globally,” KN Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company, said during Q2 FY22 conference call.
He said the company is progressing as per plan to invest ₹1,000 crore in building the product portfolio, next level of capacity and market development in the EV business. “We are creating a capacity of 10,000 per month in the last quarter of this fiscal. We are committed to lead the technology development in EV and green fuel towards electrification of our product portfolio in two and three-wheeler segments,” he added.
Presently, TVS Motor sells only one electric two-wheeler – electric scooter iQube. This is sold in 33 cities now and the company plans pan-India reach by the end of this fiscal
“In our EV vision, we envisage a wide and reliable charging infrastructure for our EV customers across India. Our partnerships with reliable charging network players like Tata Power and CESL will substantially enhance the customer convenience," said Radhakrishnan.
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