TVS purchased 14.78% stake in Bengaluru based electric two-wheeler startup Ultraviolette Automotive; will launch its first electric scooter in 2018
TVS Motor Company is aiming to launch its electric scooter in the domestic market in 2018 and before that, the homegrown two-wheeler manufacturer has invested Rs. 5 crore in Bengaluru based electric two-wheeler startup Ultraviolette Automotive. TVS has purchased 14.78% stake in the company and together they are expected to work on future electric motorcycles and scooters.
As India is thriving towards zero emission pure electric mobility across the country by 2030, under the central government’s Mission EV 2030, TVS aims to grab a large chunk of the potential EV market. Speaking about the Ultraviolette Automotive, this company has tested three prototypes, but yet to launch any electric powered two-wheeler. This company not only works on electric powered two-wheelers, but on the EV infrastructure as well.
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Clearly, TVS has made a well calculated move by investing in the startup. Apart from the electric powered two-wheeler prototypes, the Bengaluru based company is also working on battery packs and a range of other offering related to these zero emission vehicles. We can expect TVS to use them for the brand’s future electric two-wheelers.
TVS’ first pure electric scooter is expected to debut in India sometime during middle of next year. It would take several components from the brand’s current products on offering. It could also use the technology from the Ultraviolette Automotive’s stable.
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Interestingly, TVS is not the only two-wheeler manufacturer in India that is working on electric models. Country’s biggest two-wheeler manufacturer Hero MotoCorp too has invested in another Bengaluru based electric vehicle startup Ather Energy to purchase 26-30% stake in the latter company.
As Hero is keen to roll out electric two-wheeler in coming years, Ather Energy could play crucial role in that drive. Hero MotoCorp has invested Rs. 180 crore in the Ather Energy. What’s more interesting is that Ather Energy unveiled its first electric scooter S340 in early 2016.