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TVS has picked up a 14.78 percent stake in Ultraviolette Automotive, a Bengaluru-based electric two-wheeler and energy infrastructure start-up. Ultraviolette Automotive was founded by Niraj Rajmohan (CTO) and Narayan Subramaniam (CEO). The company is tiny and currently operates with a 13-member unit. For now, there's very little known about the start-up, except that it is currently testing various two-wheeler prototypes, battery packs, and other electric offerings. TVS is said to be working on an electric scooter that's due in 2018.
While companies like Maruti, Tata Motors and Honda registered growth; Mahindra, Ford and Toyota saw a dip in sales.Read More