The launch of the TVS Apache RR 310, its first ever motorcycle co-developed with BMW Motorrad, coincided with one more landmark announcement for TVS Motor. According to a filing on the BSE (Bombay Stock Exchange), TVS Motor has acquired 14.78 percent stake in Ultraviolette Automotive Private Limited, a Bengaluru-based electric two-wheeler start-up. Ultraviolette Automotive commenced operations only two years ago in December 2015 and is working on its own electric two-wheelers. TVS Motor investing in the firm is a clear indication that it is eyeing the electric two-wheeler space.
TVS Motor has acquired stake in Ultraviolette Automotive Pvt Ltd, a Bengaluru-based electric vehicle start-up
Readers might recall TVS Motor had launched an all-electric version of its popular scooterette, the Scooty a few years ago, called the TVS Scooty Teenz Electric. However, the electric scooter space was in a very nascent stage back then and technology wasn't really viable, leading to the Scooty Teenz Electric being taken off the market. That was nearly a decade ago though, and with development of EVs (electric vehicles) and battery technology gaining momentum in the recent past, not to mention the Indian Government directive to manufacturers to launch electric-only vehicles by 2030, two- and four-wheeler manufacturers are looking at the EV space seriously.
Given its repute as a tech city, Bangalore has been the hotbed for start-ups in various fields in the recent years. Talking specifically about start-ups in the automotive space, this is the second such investment by a mainstream Indian two-wheeler manufacturer in a Bangalore-based electric vehicle start-up. Previously, Hero MotoCorp has also invested in Ather Energy, also based in Bangalore itself. Ather Energy is close to launching its first ever 'smart' electric scooter, the Ather S340.