According to industry experts, Electric Vehicle is projected to register a CAGR of 40.7% during the forecast period 2020-2027.
TVS Motor Company, one of the largest manufacturers of two wheelers and three-wheelers in the world, today announced that they have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle. The MOU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, M.K. Stalin and Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
Under the MOU, TVS Motor Company will invest ₹1,200 crores in Future Technologies and Electric Vehicles (EV) in the next four years.
The investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space. This investment reflects TVS Motor Company's continued commitment towards 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 technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country.
"The signing of this MOU is in line with TVS Motor Company's firm belief in the potential of the State in terms of human resources, infrastructure and overall business environment. It will also have a significant beneficial effect on small and medium industries directly or indirectly associated with TVS Motor Company in Tamil Nadu," the company said.
< href="https://www.precedenceresearch.com/electric-vehicle-market"Source@> https://www.precedenceresearch.com/electric-vehicle-market"