TVS to invest ₹5,000 crore towards new technologies, focus on clean mobility
- TVS is aiming to boost its effort of developing electric and connected technologies with an investment of ₹5,000 crore.
TVS Motor Company on Saturday said that it is committed to investing ₹5,000 for the design, development and deployment of future technologies across products. The homegrown automaker is present in both the two and three-wheeler segments and the investment will be made in both these categories, reported PTI. The report also hinted that the automaker will focus on not only the domestic market but the international markets as well. Interestingly, besides being a major player in the Indian automobile market, TVS is present in 80 countries around the world.
The automobile industry is thriving towards adopting cleaner and connected technologies. At the same time, the homegrown two-wheeler giant is focusing on introducing technologically advanced mobility solutions to its products. With the fresh investment of ₹5,000 crore, TVS Motor Company plans to boost its effort to ramp up production of cleaner, connected and technologically advanced products. Besides enhancing its market share in India, TVS also aims to take its export shares to 50 per cent over the next couple of years. However, the automaker has not revealed any specific timeline for that.
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Speaking about the vehicle manufacturer's commitment to invest ₹5,000 crore towards designing, developing and deploying future technologies across products, TVS Motor Company's Managing Director Sudarshan Venu said in a statement that the company's core is engineering and research and development. "Our core is engineering and R&D, and this is driven by over 2,000 engineers backed by solid design and development capability. Our vision is to transform the quality of life of our customers, and redefine the future of mobility with technology, connectivity, and cutting-edge design," he reportedly said.
Watch: TVS iQube electric scooter: Road test review
TVS Motor Company claimed that it sold 339,513 units in January 2024 registering a 23 per cent year-on-year growth last month compared to the corresponding month a year ago, when it sold 275,115 units. The two-wheeler major also claimed that its electric vehicle sales registered a 34 per cent year-on-year growth last month compared to January 2023. The company claims to have sold 16,276 units of electric vehicles in January 2024, compared to 12,169 units sold in the same month a year ago.
