TVS Motor Company on Monday floated a wholly owned subsidiary named TVS Electric Mobility Ltd. (TVSEM) which will focus on the electric mobility business. The new unit is yet to commence operations, the company said in a statement.
The two-wheeler manufacturer also said that along with Zoho Corp., TVS Motor had invested in Bengaluru-based start-up Ultraviolette Automotive Pvt. Ltd., which is setting up its manufacturing and assembling facility in Electronics City, Bengaluru. The start-up will use the funds for the production and commercial introduction of its high-performance electric motorcycle, the F77, the first batch of which will roll out in the first half of 2022. “EVs are a huge focus area for us and we have invested in this area for over a decade,” said Sudarshan Venu, JMD, TVS Motor.
“TVS... has always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution,” he added.
