TVS Motor to invest INR 1,200 crore in Tamil Nadu to make EVs
"TVS Motor announced an investment of INR 1,200 crore in future technologies and electric vehicles over the next four years."
TVS Motor Company, one of the largest manufacturers of two-wheelers and three-wheelers in the world, today announced that they have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle.
The move comes closer to Ola Electric opening its Future factory, the largest electric two-wheeler manufacturing facility in the world.
Under the MOU, TVS Motor Company will invest INR1, 200 crores in Future Technologies and Electric Vehicles (EV) in the next four years.
The investment will be mainly for the design, development, and manufacturing of new products and capacity expansion in the EV space.
This investment reflects TVS Motor Company’s continued commitment towards the State's overall economic growth as a responsible corporate citizen.
A memorandum of understanding with signed in the presence of Chief Minister M K Stalin during the Tamil Nadu Investment Conclave in Coimbatore in this connection. Accordingly, TVS Motor Company Chairman Venu Srinivasan exchanged documents with Guidance Tamil Nadu MD and CEO Pooja Kulkarni IAS.
"Under the MoU, TVS Motor Company will invest INR 1,200 crore in Future Technologies and Electric Vehicles in the next four years. The investment would mainly be for the design, development and manufacturing of new products and capacity expansion in the electric vehicle spaces," TVS Motor said in a statement.
Currently, TVS Motor has only one electric vehicle on offer in the EV category. TVS iQube electric scooter, which was launched in January last year.
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