According to industry experts, Electric Vehicle is expected to record a CAGR of 40.7% in the forecast period 2020-2027.
TVS Motor Company, one of the largest manufacturers of two- and three-wheeled vehicles in the world, announced today that it has signed a Memorandum of Understanding (MOU) with the government of Tamil Nadu on investment in future technologies and electric vehicles. The MOU was signed in the presence of the Honorable Prime Minister of Tamil Nadu, MK Stalin and Venu Srinivasan, Chairman of the TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
According to the MOU, TVS Motor Company will invest ₹ 1,200 crores in future technologies and electric vehicles (EV) over the next four years.
The investment will mainly be for the design, development and manufacture of new products and capacity expansion in the EV area. This investment reflects TVS Motor Company’s continued commitment to the state’s overall economic growth as a responsible corporate citizen.
TVS Motor is transforming itself into a digital age company with a connected, sustainable and electric brand. The company is committed to leading the technological development in electric cars and green fuel and leading the way to the electrification of the two-wheeled segment in the country.
“The signing of this MOU is in line with TVS Motor Company’s firm belief in the state’s potential in terms of human resources, infrastructure and the overall business environment. It will also have a significant beneficial effect on small and medium-sized industries, directly or indirectly. associated with TVS Motor Company in Tamil Nadu, “the company said.
Source @ https://www.precedenceresearch.com/electric-vehicle-market