New TVS Electric Vehicles Are Coming Soon

TVS has announced that it will set up a new subsidiary dedicated to electric mobility. This news comes shortly after the Hosur-based brand bought a majority stake in Ego Movement, a Swiss e-bike maker.

TVS’s wholly-owned subsidiary will be responsible for the company’s electric mobility ventures. In fact, TVS has already allotted a dedicated team of 500 engineers to propel its EV business. Furthermore, the bikemaker has already invested Rs 500 crore and is looking to invest Rs 250 crore to Rs 300 crore towards electric mobility and other products. TVS also mentioned that a total of over Rs 1,000 crore will be utilised to create a new portfolio, and there will be new EVs coming shortly. TVS will be also expanding to other markets.

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At the moment, TVS only has the iQube Electric in its portfolio, but it has a rapid expansion plan for the e-scooter. After a successful run in Bengaluru and Delhi, TVS launched the e-scooter in Pune, and has plans to expand to 20 cities by March 2022. In fact, TVS already announced that it has six products in the pipeline for the next six months, starting with the Creon.

Along with this, charging infrastructure is also being worked upon, and the company has already signed an MoU with Convergence Energy Services Limited (CESL) to set up charging stations across the country. 

TVS is not the first brand to spin off a new vertical for its electric mobility venture. We have already seen Bajaj do so with the Chetak, and even Harley-Davidson recently turned Livewire into a new sub-brand dedicated to its EV business.