TVS Motor to set up separate subsidiary for electric vehicles

The move comes close to the heels of the company tieing up with Tata Power to set up the electric vehicle charging infrastructure (EVCI) across the country

In an effort to increase its presence in the electric mobility space, TVS Motor Company said on Thursday that it has decided to set up a new subsidiary for the electric vehicle segment.

The board has approved the incorporation of a wholly-owned subsidiary to undertake its electric mobility business, the company said in statement. TVS is also planning to come up with an investment of around Rs 1,000 crore in the EV space, said K N Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company. At present, TVS has only one product in the category, iQube. TVS iQube, launched in January