TVS Motor Company will invest more in electric vehicles (EVs) to fasten the launch of new products and increase production capacity. The company plans to make its only electric two-wheeler, iQube, which will be available across the country by the end of the year.

“For new products, we are spending more than our budget at the beginning of the year, which is why there are an extra Rs 200 crore,” KN Radhakrishnan, Director and CEO of TVS Motor, said. “We can produce 10,000 EVS per month. But, by next year we will improve this capacity, for which we have started working already. This will be for iQube and other EVs that we have planned to launch by next year,” Radhakrishnan added.

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Kochi became the latest city to have the iQube, TVS’s first electric scooter. The battery-powered scooter with a limit of moving 75 km is also available in New Delhi, Chennai, Pune, Coimbatore and Bengaluru. Officials at TVS Motor said more cities would be added fastly and the electric scooter will be available over the country by the end of this year. “For now, the investment planned for this year is for building a product portfolio, more facilities and market development including the ecosystem,” Radhakrishnan added.