One of the largest two and three-wheeler maker, TVS Motor would invest Rs 1,200 crore in future technologies and electric vehicles over the next four years. A MOU has been signed with the Tamil Nadu government.
The MOU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, M.K. Stalin and Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore. 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 RS 1,200 crore in Future Technologies and Electric Vehicles in the next four years. The investment would mainly for the design, development and manufacturing of new products and capacity expansion in the electric vehicle space"
"The investment would also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor in Tamil Nadu. The company is committed to lead the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country," the statement added.
Tamil Nadu government has been actively moving towards Green and Renewable resources growth. It also saw a 35 acre large EV production plant by Greaves cotton come up recently.
"Under the MoU, TVS Motor Company will invest RS 1,200 crore in Future Technologies and Electric Vehicles in the next four years. The investment would mainly for the design, development and manufacturing of new products and capacity expansion in the electric vehicle space"
"The investment would also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor in Tamil Nadu. The company is committed to lead the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country," the statement added.
Tamil Nadu government has been actively moving towards Green and Renewable resources growth. It also saw a 35 acre large EV production plant by Greaves cotton come up recently.
PluginIndia Take:
Wow! The BIG ICE legacy automakers are moving - at last. It's nice to see such emphatic statements in the media. But until TVS launches 5+ EV models and starts to phase out thier noisy dirty pollution causing Jupiters, Ntorq's, we will always have questions over their EV ambitions. If they don't phase out their pollution scooters soon, they will loose market share from startups like OLA and Ather. People are not fools, no one wants to pay Rs 100+ per liter of fuel, when u can charge an electric scooter for chump change.
Another interesting takeaway here is that, the state of Tamil Nadu is becoming a hub for electric scooter manufacturing. Ather has a manufacturing facility. Ola has the future factory. Ampere makes their scooters here. And now TVS is investing in the state. This is a big positive for the state's infrastructure and overall business environment.
Wow! The BIG ICE legacy automakers are moving - at last. It's nice to see such emphatic statements in the media. But until TVS launches 5+ EV models and starts to phase out thier noisy dirty pollution causing Jupiters, Ntorq's, we will always have questions over their EV ambitions. If they don't phase out their pollution scooters soon, they will loose market share from startups like OLA and Ather. People are not fools, no one wants to pay Rs 100+ per liter of fuel, when u can charge an electric scooter for chump change.
Another interesting takeaway here is that, the state of Tamil Nadu is becoming a hub for electric scooter manufacturing. Ather has a manufacturing facility. Ola has the future factory. Ampere makes their scooters here. And now TVS is investing in the state. This is a big positive for the state's infrastructure and overall business environment.
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