TVS Motor to invest $161m on new tech and EVs
09:25, 23 November 2021
India’s TVS Motor Company, one of the world’s biggest motorcycle and three-wheeler manufacturers, told shareholders on Tuesday it intends to boost investment in future technologies.
The seller of the iQube electric scooter will spend INR12bn ($161.3m) over the next four years to develop new products and also expand its electric vehicle (EV) manufacturing capacities, according to a 23 November regulatory filing.
The funds could be pumped into new or existing design and production facilities, all in the southern Tamil Nadu state.
‘Leading EV development’
“TVS Motor is transforming itself into a digital age company with a connected, sustainable and electric brand,” the firm told the bourses.
“The company is committed to leading the technology development in EVs and green fuel, (in addition to) leading the way to the electrification of the two-wheeler segment in the country.”
The company said the investment would also be of significant benefit to its suppliers.
TVS Motor is the flagship of the $8.5bn TVS Group. The seller of the popular Apache motorbikes has a market capitalisation of around INR338bn on the National Stock Exchange (NSE), where its shares have shot up some 45% so far this year.
UK Norton factory
TVS owns the historic British motorbike builder Norton Motorcycles. Last month the English firm announced the completion of its new global headquarters in the UK. The facility is built around a state-of-the-art factory in the West Midlands, “forming a critical part of the marque’s strategic growth”, according to an 11 November stockmarket statement.
The Norton production line will be capable of delivering roughly 8,000 motorcycles a year. The plant has been designed to optimise sustainability and reduce waste to landfills. The facility also houses Norton’s global design and R&D hub, customer showroom, service workshops and offices,.