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TVS Motor Company Ltd., the country’s third-largest two-wheeler maker, has signed an agreement to acquire electric vehicle-related technology and assets in Germany.

TVS Motor’s step-down German subsidiary will acquire the assets and technology. The EV assets and technology will help strengthen the expansion of TVS Motor Company in the EV two-wheeler market globally.

TVS Motor on Wednesday announced the acquisition of a 100 percent stake in German company BBT 35/22 Vermögensverwaltungs GmbH for 25,000 euros. TVS will change the name of the German firm to Celerity Motor GmbH.

The German company was incorporated in June 2022 for undertaking activities related to two-wheeler and three-wheeler vehicles, including research, development, engineering, sales, and service thereof.

TVS Motor has annual sales of over 3 million units and an annual capacity of over 4.95 million vehicles. It is also the second largest exporter in India. The company has four manufacturing plants at Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh, and one in Indonesia’s Karawang.

The company's net sales rose by 32 percent to Rs 8,560.76 crore in the September quarter from Rs 6,483.42 crore in the year-ago period. Its net profit jumped nearly 60 percent to Rs 386.31 crore from Rs 242.17 crore in the same period a year ago.

Shares of TVS Motor Company are trading at Rs 1,033.50, up 0.74 percent.

(Edited by : Rukmani Krishna)