TVS Motor aims to build ‘sustained dominant’ play in EV segment
The Hindu
Company to ‘fully leverage’ FAME II and PLI schemes
TVS Motor Company said it aimed to build a ‘sustained dominant play’ in the electric vehicle (EV) segment by leveraging various government initiatives such as production-linked incentive scheme.
As per its annual report for 2021-22, the company has made plans to scale up its play in the electric segment.
"The PLI (Production-Linked Incentive) and FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) initiatives of the government will be fully leveraged by the company [to] strategically build a sustained dominant play in this segment," it said.
The industry was slated to grow rapidly and the company had ‘robust’ plans for the segment, it added.
"In addition, with the strategic association with BMW, the company will be exploring the joint design and development of urban EV options for the global markets," TVS Motor Company stated.
The company has created a dedicated vertical for EV segment with more than 600 engineers and adopted ‘Centres of Competency (COCs)‘ with an ‘agile working approach’.
TVS sold more than 10,000 EVs in 2021-22.
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