- 09 Jun 2022
- ICICIdirect Research
MEDIA REPORTS INDICATE FUND RAISE PLANS IN TVS MOTORS' EV ARM
TVSMOTOR - 2520 Change: 31.35 (1.26 %)News: As per media sources, TVS Motors plans to raise US$300-350 million (| 2,300-2,700 crores) for its EV arm, TVS Electric Mobility, which was set up as subsidiary with particular focus towards e-mobility business
Views: This comes as positive news for the company and it is the second company in the OEM space next to Tata Motors to raise funding specifically for EV business. The company remained committed towards EV trend through its IQube having sales of ~11,000 in FY22 with backlog of ~12,000 units as of March 2022 end with plans to expand production to 10,000 per month units by end of Q1FY23. Further, in its recent call the company informed about plans to launch series of products in E-2W & E-3W space in range of 5-25 Kwh to strengthen its portfolio in the coming six to eight quarters and collaboration of Jio BP, Tata Power, etc, to expand charging infra
Impact: Positive