TVS Motor Company to empower Rs 1,000 crore in Electronic Vehicles

India's third-largest two-wheeler manufacturing conglomerate, TVS Motor Company, is planning to invest Rs 1,000 crore to manufacture electric vehicles. Sudarshan Venu, the company's joint Managing Director, said that the proposed Electric Vehicls (EVs) will fall under an independent vertical. Mr Venu, a TVS Group prodigy, paves the way for the next generation of leaders.

As per the report, Sudarshan Venu said that they have been discreetly working on electric vehicles for the last ten years, and it is a huge focus area for them. He further said that the company is investing in future e-mobility, looking forward to forming partnerships for fast charging ecosystem and is foreseeing positive growth margins for iQube which the company plans to achieve by the end of 2021.

Notably, the company's new electric vehicle vertical has 500-600 engineers working on different concepts. These new upcoming EVs will be designed and developed in India, and the company will not only offer them in the country but also export them to international markets. TVS Motos  is also reported to be developing an integrated vehicle architecture, battery manufacturing facility and other important parts to be manufactured in-house.

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