TVS Motor Company, one of the world’s largest two-wheeler and three-wheeler manufacturers, will invest INR 1,200 crore (US$161.2 million) in the electric vehicle (EV) space as it aims to transform itself into a digital age company with a connected, sustainable and electric brand.
The company will make the investment in the Indian State of Tamil Nadu over the next four years. It recently signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for the investment in future technologies and electric vehicles.
The investment will be mainly for the design, development, and manufacturing of new products and capacity expansion in the EV space.
“The company is committed to leading the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country. The signing of this MOU is in line with TVS Motor Company’s firm belief in the potential of the State in terms of human resources, infrastructure, and overall business environment. It will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu,” stated a TVS Motor release.
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