TVS Motor jumps over 7% on likely announcement of electric vehicle ties with BMW

In line with the changing trends in the industry, the auto major has been on an electric vehicle overdrive. In November, TVS Motor had signed a contract with the Tamil Nadu government for an investment of Rs 1,200 crore in future technologies and electric vehicles.

The investment will be spread over four years, and will be mainly for the design, development and manufacturing of products and capacity expansion in the EV space.

On December 13, the company incorporated a wholly owned electric vehicle subsidiary TVS Electric Mobility and said it had made a fresh investment in Ultraviolette Automotive in the electric bike maker’s series C funding.

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TVS Motor has been an early backer of the Bengaluru-based start-up, and after this round of investment, Venu said in a statement, EVs will be a “huge focus area” for the company.

“TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution,” the joint MD had noted.

Launched in January 2020, iQube is the only all-electric product in the market from TVS. The battery-powered scooter with a range of 75 km is available in New Delhi, Chennai, Pune, Coimbatore, Kochi and Bengaluru, as part of its 33-city roll-out.

Also read: Toyota, the world’s largest carmaker, joins EV rush

In September, the Chennai-headquartered company picked up 80 percent stake in Switzerland’s EGO Movement for $17.9 million. EGO Movement provides a wide range of mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters.

At 1:28pm, the stock was trading 5 percent higher at Rs 693.40 on the BSE. It hit an intraday high of Rs 708.50.