India’s TVS Motor and BMW Motorrad tie up to make electric vehicles – Reuters
A logo of BMW is seen outside a BMW car dealer, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. REUTERS/Yves Herman
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BENGALURU, Dec 15 (Reuters) – India’s TVS Motor Company (TVSM.NS) said on Wednesday it will develop electric vehicles (EV) with BMW’s motorcycle brand in India, joining a host of Indian automakers that have sought to expand their clean mobility offering.
Earlier in the day, TVS shares jumped as much as 7.4% after media reports said the companies were likely to announce a joint alliance for making and exporting electric vehicles from India
The tie-up comes at a time when new-age start-ups like Ola Electric and Ather are ramping up investment in electric scooters, forcing legacy two-wheeler makers like TVS and Bajaj Auto (BAJA.NS) to follow suit.
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Top automakers like Mahindra & Mahindra (MAHM.NS) and Tata Motors (TAMO.NS) are also investing heavily in EVs as India has been encouraging automakers to go electric in a bid to reduce pollution and fuel imports.
Currently, EVs account for a fraction of total two-wheeler sales in the country, mainly due to high battery costs and the lack of charging infrastructure.
TVS and BMW Motorrad had signed a long-term agreement in 2013 to make motorcycles and are now expanding on the deal to develop exclusive products for both companies that will be sold globally.
The first product from this partnership will be showcased in the next 24 months, TVS said.
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Reporting by Chandini Monnappa in Bengaluru; Editing by Krishna Chandra Eluri
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