TVS Motor Company Signs MoU Worth ₹5000 Crore With Tamil Nadu Government

Chennai-based two-wheeler manufacturer TVS has signed a Memorandum of Understanding with the Tamil Nadu government to the tune of ₹5000 crore. The manufacturer will invest this amount in the state over the next five years and the investment will be made in automobile, information technology, and realtor sectors. More than 500 people will benefit from employment from this investment.

This investment announcement comes in addition to the MoU that TVS had signed with the state government earlier in 2021. The previous MoU was valid for four years and the Chennai-based manufacturer invested in future technologies and electric vehicles. So, the new announcement comes in view of the expiry of the previous investment. 

Details about the latest investment are yet to be confirmed by TVS officials. However, the previous investment saw the brand design, develop, and manufacture new products. The launch of the TVS X electric scooter and Apache RTR 310 are two prime examples of that. 

In the future, TVS is also expected to work on the launch of an updated RTR 200 4V, and we are yet to see a full-level production of the top variant brand’s iQube ST electric scooter. However, we are yet to confirm the exact nature of the investment and how it will help develop new products and, more importantly, which products (ICE/ EV). We will update this article once we get more information. 

On the other hand, at the same event, Hyundai and Vinfast also announced their MoU signings with the Tamil Nadu government to the tune of ₹20,000 crore and ₹16,000 crore, respectively. These investments will see the manufacturer develop their EV program in the country, by setting up both battery and EV manufacturing plants.