India's TVS Motor is raising capital spending by 33% to INR8 billion (US$3 billion) to bring its electric motorcycle iQube nationwide and to raise monthly production of electric two-wheelers to 10,000 units by April 2022, according to Money Control.
India's top-3 two-wheeler makers Hero MotoCorp, Bajaj Auto, and TVS Motor are ramping up investment in developing electric motorcycles and scooters as the Indian government loosens restrictions entering the second phase of Faster Adoption and Manufacturing of Hybrid and EV (FAME II).
TVS Motor's annual revenue reaches INR200 billion with 90 subsidiaries, producing motorcycles, scooters, mopeds, three-wheelers, gear systems, and ignition systems. TVS produces about 4.95 million two-wheelers and 120,000 three-wheelers every year.
FAME II began in April 2019 and will span five years. This June, the Indian government raised the subsidy for every 1kWh battery power from INR 10,000 to INR 150,000 and for every purchase of EV from 20% to 40% of unit price, given a constant low number of subsidized EVs over the past two years.