Electric Vehicles: TVS Signs MoU With CESL

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EV sales in India declined by 19.91 per cent in FY2020-21 (April 2020 to April 2021) as compared to the financial year 2019 -2020

TVS Motor Company has announced a strategic partnership with Convergence Energy Services Ltd (CESL). CESL and TVS, under the memorandum of understanding (MoU) will jointly work towards developing public charging ecosystem for the TVS iQube Electric scooter across India.

“TVS will continue to contribute to India’s electric adoption, staying true to its brand purpose, TVS iQube Charge Life. This year TVS iQube Electric will be available in over 20 cities in India,” noted Manu Saxena, Vice President, Future Mobility & Dealer Transformation, TVS Motor Company

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He added, “In addition to its home charging options, it will be the TVS dealership charging network, and the emerging public charging ecosystem, with strong players like CESL that will accelerate India’s EV journey.”

The two companies signed the MoU on World Environment Day this year. This MoU makes TVS Motor Company the first two-wheeler manufacturer to have announced partnership with CESL. The company’s MoU with CESL was announced after TVS noted that it planning to the the iQueb available in over 20 Indian cities by the end of FY 2021-22.

CESL will help TVS strengthen the charging infrastructure in these cities. TVS had also shared plans to invest Rs 500 crore to Rs 600 crore as capital expenditure in FY22. Most of the investment is meant to go into electric vehicles, emerging technologies and products.

TVS registered sales of 154,416 units in May 2021 as against sales of 56,218 units in May 2020. The Company’s total exports registered sales of 114,674 units in the month of May 2021 as against sales of 17,707 units in May 2020.

According to the Society of Manufacturers of Electric Vehicles (SMEV), EV sales in India declined by 19.91 per cent in FY2020-21 (April 2020 to April 2021) as compared to the financial year 2019 -2020.

The sales of electric two-wheelers in India dropped from 1,52,000 units in FY20 to 1,43,837 units in the last financial year, marking a decline of six per cent. A total of 1,03,000 slow-speed e-scooters were sold in the last financial year along with 40,836 high-speed electric two-wheelers.

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