Given the rapid pace at which established manufacturers are moving towards more environmentally friendly solutions in the automotive sector, TVS Motor Company announced that they have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in future technologies and electric vehicles. Under this MOU, TVS Motor Company will invest Rs 1200 crore in future technologies and electric vehicles in the next four years.
Furthermore, this investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space. TVS officials also stated that the company is committed to leading the technology development in the EV and green fuel; and that they hope to lead the way to the electrification of the two-wheeler segment in India. In fact, the brand currently sells the iQube, which is a fully-electric scooter.
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The MOU was signed in the presence of the Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and Padma Bhushan Shri. Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore. TVS Motor Company firmly believes that this MOU will have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu, as well.
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