Shares of TVS Motor Company rose more than 2 percent after the Chennai-based company said it was focusing on electric vehicles (EVs) and was coming up with multiple products in the two- and three-wheeler segments.

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At 12:16 IST, shares of theautomobile maker rose 0.9 percent to Rs 808.8 on the BSE. The stock has been gaining for the past four days and has risen about 9 percent during the period.

The scrip is four percent away from its 52-week high of Rs 840.

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Addressing the company’s annual general meeting (AGM), the company’s managing director, Sudarshan Venu, said the company was going to invest heavily in electric vehicles.

“EVs offer a large opportunity and TVS is investing a lot to grasp this opportunity. Wherever we go, we will do it in partnership with service and in those regions fully equipped to service and offer spare parts to customers,” Venu was quoted as saying in some reports.

This comes at a time when most automobile companies are focussing on expanding their business in the EV space.

In May, TVS Motor launched a new variant of its iQube electric scooter.

The government has also been promoting electric vehicles. On Monday, a report said that the Haryana Cabinet, which met under the chairmanship of Chief Minister Manohar Lal Khattar, approved the Haryana Electric Vehicle (EV) Policy-2022. Under the policy, a discount of 15 percent will be given to buyers of EVs.

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