India has seen the birth of hundreds of startups dedicated to developing and manufacturing zero-emissions personal mobility solutions. While a lot of these startups don't make it beyond the local market, larger, more established companies have also been ramping up initiatives towards sustainable mobility, and certainly have the potential to penetrate the international market.
One such company is TVS. One of the largest motorcycle manufacturers in India, you may recognize TVS as the company that produces BMW's 310 range of bikes, the G 310 R and G 310 GS. Apart from these premium models, TVS also has a wide variety of entry-level scooters and commuter motorcycles which are popular in many Southeast Asian countries. On top of this, the company has recently been investing heavily in the EV sphere, with its first all-electric model, the iQube, seeing rather impressive sales figures in India.
In July 2021, TVS also announced that it'll be injecting a $133 million investment towards developing new all-electric scooter and motorcycle platforms. It committed to releasing a total of six new models in the next two years. More recently, the company acquired Switzerland-based e-bike company Ego Movement as part of its growing portfolio of zero-emissions mobility solutions.
Given all the recent developments with TVS and electric vehicles, it isn't really all that surprising that the company has decided to launch a subsidiary dedicated solely to the development and production of electric vehicles. The new subsidiary will be solely responsible for the entire business lifecycle of electric and zero-emissions mobility solutions from TVS—everything from the conceptual stage, to product development and engineering, and of course, sales.
As far as the overall structure of the subsidiary is concerned, TVS is well on its way to delivering those six new models it promised, as the company has contracted the help of 500 engineers. Additionally, the company seeks to invest an additional $33 million into the electric and zero-emissions initiative.
Sources: GaadiWaadi, Business Standard