TVS Motor Company said that it has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for investment in future technologies and electric vehicles.
Under the MOU, TVS Motor Company will invest Rs 1200 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.
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 Chennai-based automotive multinational said in a statement.
TVS Motor Company, part of the TVS Group, is a two and three-wheeler manufacturer.
The company's consolidated net profit jumped 29.2% to Rs 234.37 crore on a 23.4% surge in net sales to Rs 6,483.42 crore in Q2 FY22 over Q2 FY21.
The scrip added 0.46% to currently trade at Rs 713.20 on the BSE.
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