To embrace cutting-edge technologies, TVS Motor Company recently made an announcement that it will be investing Rs 5,000 crore for the design, development and deployment of future technologies across its product range, according to the report by PTI.
The Indian automaker, a prominent player in the two and three-wheeler segments, disclosed that the substantial investment would be allocated to both categories, with a keen focus on both domestic and international markets.
TVS Motor Company, a key player in the Indian automobile market, has a robust global presence, spanning over 80 countries.
The investment plan aligns with the automotive industry’s global trend towards adopting cleaner and connected technologies.
The company aims to integrate advanced mobility solutions into its product lineup, emphasising cleaner, connected and technologically advanced offerings.
With the infusion of Rs 5,000 crore, TVS Motor Company is gearing up to enhance its production capabilities and accelerate the development of innovative products.
Sudarshan Venu, Managing Director of TVS Motor Company, highlighted the company’s dedication to engineering and research and development, stating, “Our core is engineering and R&D, driven by over 2,000 engineers with solid design and development capabilities. Our vision is to transform the quality of life of our customers and redefine the future of mobility with technology, connectivity, and cutting-edge design,” as reported by HT.
The move comes as the company aims not only to strengthen its market share in India but also to increase its export shares, with an ambitious target of reaching 50 percent in the coming years.
While the automaker has not disclosed a specific timeline for achieving this export goal, the commitment to expanding its global footprint underscores its confidence in the potential of international markets.
Meanwhile, the company experienced notable sales growth in January 2024, with a significant uptick in the two-wheeler segment.
The company disclosed an overall growth of 23.41% in the combined sales of both two and three-wheelers, including domestic and export markets, reaching a total of 3,39,513 units in January 2024.
This marked a year-on-year increase compared to the 2,75,115 units sold in January 2023.
Additionally, month-on-month sales showed a positive trend, with a 12.46 percent improvement over the 3,01,898 units sold in December 2023.
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