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| TVS iQube |
TVS Motor Company has announced last week that it has decided to set up a new subsidiary for the electric vehicle segment.
TVS Motor, which is third largest motorcycle company in India, has only one electric scooter in India which is 'TVS iQube'. According to a report by Business Standard, the company board has approved the incorporation of a wholly-owned subsidiary to undertake its electric mobility business.
In addition, TVS is also planning to come up with an investment of around Rs 1,000 crore in the EV space.
K N Radhakrishnan, Director and CEO said that the creation of the new subsidiary will help the company in expanding its presence in the global market under this category.
Very shortly we will see new EV products coming in. This subsidiary will give us the flexibility and freedom to scale up the business, he said.
In September, TVS bought a majority stake of 80% in EGO Movement, Switzerland-based e-bike brand, for 16.6 million Swiss francs (around Rs 131 crore) to foray into the personal e-mobility segment.
Earlier this month, Japanese auto major Honda Motorcycle & Scooter India, which is India's 2nd largest two-wheeler motor company, also announced that it is launching its electric scooter next year.