TVS Motor will set up a wholly-owned subsidiary to develop an electric vehicle (EV) in which the two-wheeler maker will invest about INR10 billion (US$133 million). TVS Motors has formed a strategic partnership with Tata Power and they will be constructing an extensive solar-based charging network across India. Just three months ago, TVS Motors announced that it has raised capital spending by 33% to promote electric motorcycle iQube in more cities. In August 2021, TVS Motors purchased 80% shares of Swiss electric bike maker EGO Movement and announced that electric bikes will generate US$100-150 million in revenue in the next three to five years. Luca TVS announced its partnership with lithium battery maker 24M Technologies in September 2021.
SOURCE: EET INDIA
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