TVS to increase focus on developing new EV products in India

In its annual report for 2021-2022, TVS has stated that it aims to scale up its role in the electric vehicle segment in India.

The company plans to leverage several government initiatives, including a production linked incentive (PLI) scheme and FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles).

With EVs gradually taking centre stage in the mobility sector, TVS intends to focus on new electric products that will cater to both the domestic and international markets. 'The Company has set up a vertical to rapidly ramp up its product pipeline and presence globally. The PLI and FAME II initiatives of the government will be fully leveraged by the Company and strategically build a sustained dominant play in this segment. The industry is slated to grow rapidly and the Company has robust plans for this segment,” TVS Motor Company noted in its annual report for 2021-22.

Talking about its alliance with BMW Motorrad, TVS said that the partnership will spawn new platforms and electric vehicles. It added that it expects to outperform the industry in terms of sales growth with new product launches, given that economic activity seems to be gathering pace once again. TVS also states that it expects the scooter segment to see an imminent rise in terms of export, given the presence of its products in diverse geographical locations.