Mumbai, Maharashtra
TVS Motor Company, India’s third-largest two-wheeler manufacturer, has plans to invest Rs 10 billion in electric vehicles (EVs). Sudarshan Venu, Joint Managing Director, TVS Motor Company mentioned that the EVs will come under an independent vertical.
Sudarshan Venu is a TVS Group prodigy and the new Strategy Leader of TVS. His mentors are Ralf Speth, who was recently appointed as the Chairman of TVS Motor, and Kuok Meng Xiong, a leading global eCommerce investor.
The new line of EVs is Venu’s vision. The company is working on 5-25kW two- and three-wheelers portfolio and will launch them within two years. It aims to have EVs across segments like delivery, commuter premium, high-performance sports and electric three-wheelers.
The new EV vertical has 500-600 engineers. The range of EVs is designed and developed in India with global R&D to be launched in foreign markets.
TVS Motor's first EV, the iQube, will be available in 1,000 dealerships all over India by FY22 end. Additionally, TVS will also launch Creon, foreseen to be an advanced e-two-wheeler in India.
TVS Motor has a dedicated, scalable facility for EVs and is developing integrated vehicle architecture with battery and other critical parts manufactured in-house. It is also planning strategic partnerships in charging infrastructure to create an ecosystem of fast-charging vehicles.
Venu has predicted that customer acceptance of EVs will rise in 2025 due to falling battery costs and policy support.
In the EV space, TVS Motor will find competition from new entrants like Ather Energy as well as mainstream players such as Chetak from Bajaj Auto, Hero MotoCorp, etc.
Source – The Times of India
Image Source: TVS Website
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