TVS Motor Company announced that it will be investing INR 5,000 crore in the development of future technological products. The automaker is a prominent figure in both the three- and two-wheeler segments. According to reports, the auto giant will be investing in both segments. TVS will not only focus on the Indian market, but it will unveil new products in international markets as well. The company is active in almost 80 countries as of now.
Several manufacturers around the world are currently focusing on adopting cleaner technologies. The homegrown auto giant TVS is also working on manufacturing technologically advanced products. The auto giant is all set to invest INR 5,000 crore to speed up the process of producing cleaner, technologically advanced, and connected products. In the coming years, TVS is aiming to increase its export share to 50 percent.
Read more: Mitsubishi Teams Up with TVS Mobility for INR 300 Crore Joint Venture in India
The company announced that it sold 339,513 units in the last month, marking a 23 percent YOY growth in January, whereas the brand only sold 275,115 units in the corresponding month of 2023. TVS electric vehicle sales accounted for 34 percent of year-on-year growth last month. TVS claims to have retailed around 16,276 units of EVs in January 2024.
The Managing Director of TVS Motor Company, Sudarshan Venu, said in a statement, "Our core is engineering and R&D, and this is driven by over 2,000 engineers backed by solid design and development capability. Our vision is to transform the quality of life of our customers and redefine the future of mobility with technology, connectivity, and cutting-edge design."
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