TVS promotes clean mobility and plans to invest Rs 5000 crore in cutting-edge technology
On Saturday, TVS Motor Company announced that it will invest Rs 5000 crore in product design and development that will leverage future technologies. TVS Motor Company intends to increase its efforts to scale up production of technologically advanced, clean, and connected products by investing an additional ₹5000 crore.
On Saturday, TVS Motor Company announced that it would invest Rs 5,000 crore in product design and development that would leverage future technologies. The investment will be made in both the two-wheeler and three-wheeler segments, where the domestic automaker is present. The automaker will prioritise both the domestic and international markets, according to a report by news agency PTI.
The automobile industry is striving towards adopting clean and connected technologies. Also, the domestic two-wheeler giant is focusing on introducing technologically advanced mobility solutions in its products. With a fresh investment of ₹5,000 crore, TVS Motor Company plans to boost its effort to scale up production of clean, connected and technologically advanced products.
Apart from increasing its market share in India, TVS also aims to take its export shares to 50 per cent in the next few years. However, the automaker has not revealed any specific timeline for this. Apart from being a major player in the Indian automobile market, TVS is present in 80 countries around the world.
According to TVS Motor Company, sales of 339,513 units were recorded in January 2024, representing a 23 per cent year-over-year increase. As opposed to the 275,115 units it had sold in the same month last year. The manufacturer of two-wheelers further stated that, when compared to January 2023, sales of electric vehicles increased 34% year over year in January of this year.
According to the company, sales of electric vehicles in January 2024 totalled 16,276 units, up from 12,169 units in the same month the previous year.