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TVS Motor Company sales grow by 22% in June

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PTI
July 02, 2022 / 12:57 IST
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TVS Motor: The scrip added 4 percent as the company has kick-started a process to raise around $300 million to $350 million for its electric mobility business, multiple industry sources with knowledge of the development told Moneycontrol. Moneycontrol was the first to report the firm’s capital mop-up plans for its carved-out electric mobility business on November 9, 2021. If plans fructify, TVS Motor Company would become the third listed company to raise funds for an electric vehicle subsidiary, post Tata Motors and Greaves Cotton. “The fund raise process was launched last week and feelers have been sent to top private equity funds as well as sovereign wealth funds and pension funds. The funds with a sustainability pool may be particularly interested,” said one of the persons cited above. JP Morgan which expects a recovery in domestic 2W volumes and expects TVS to outperform growth shared the following details in an update dated May 6, 2022 – “TVS will be launching 2W and 3W EVs with battery pack sizes of 5-25kWh over the next eight quarters. Current production levels for the iQube are 1.7K/month and there is an order book of 12K units. TVS is currently selling its EVs across 33 cities and plans to raise monthly production to 10K/unit by end of 1QFY23.”
TVS Motor: The scrip added 4 percent as the company has kick-started a process to raise around $300 million to $350 million for its electric mobility business, multiple industry sources with knowledge of the development told Moneycontrol. Moneycontrol was the first to report the firm’s capital mop-up plans for its carved-out electric mobility business on November 9, 2021. If plans fructify, TVS Motor Company would become the third listed company to raise funds for an electric vehicle subsidiary, post Tata Motors and Greaves Cotton. “The fund raise process was launched last week and feelers have been sent to top private equity funds as well as sovereign wealth funds and pension funds. The funds with a sustainability pool may be particularly interested,” said one of the persons cited above. JP Morgan which expects a recovery in domestic 2W volumes and expects TVS to outperform growth shared the following details in an update dated May 6, 2022 – “TVS will be launching 2W and 3W EVs with battery pack sizes of 5-25kWh over the next eight quarters. Current production levels for the iQube are 1.7K/month and there is an order book of 12K units. TVS is currently selling its EVs across 33 cities and plans to raise monthly production to 10K/unit by end of 1QFY23.”
PTI
first published: Jul 2, 2022 10:20 am

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