TVS Motor Company has announced to set up a new subsidiary for its electric vehicle (EVs) division. The brand is also planning to invest around Rs 1,000 crore in the EV segment and will expand its reach in the global market as well.
Earlier, the homegrown two-wheeler manufacturer has also bought a majority stake in Switzerland’s EGO Movement, with an aim to strengthen its global footprint and to generate $100-150 million in the next three to five years by competing in the growing demand for electric bikes. Besides, TVS has also entered into a strategic partnership with Tata Power and Convergence Energy Services Limited (CESL) to expand its electric vehicle charging infrastructure (EVCI) across the nation. The brand is likely to offer free charging facilities in the initial phase before shifting to a subscription-based service.
Furthermore, the automaker also has plans to introduce six new EVs in the next 24 months, starting with the Creon electric scooter, which was first showcased at the 2018 Auto Expo. Its production version is expected to arrive by the end of this financial year. It is likely to retain the 12kW electric motor and three lithium-ion batteries from its concept model, placed within the two beams of its underbone chassis.
Currently, TVS has only one EV on sale in the Indian market, the iQube e-scooter. Priced at Rs 1,00,777 (on-road Delhi), the iQube offers a range of 75km/charge and comes with a warranty of 3-years/50,000kms on its battery pack.
