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TVS Motors has earmarked Rs.1000 crore to increase production of electric vehicles. Last year also allocated Rs.1000 crore. The target has been set to produce 25000 electric vehicles per month by the end of the current year. Similarly, TVS is planning to produce 50000 vehicles per month soon.
TVS Motors seems to be aiming to gain a significant foothold in the electric vehicle market by 2025. It has also been announced that substantial investment will be made in the coming years.
The recently launched iCube vehicle has been well received in the market. The company also said that despite the focus on electric vehicles, we have not lost our focus on ICE vehicles. TVS plans to introduce new vehicles in the ICE segment as well.