TVS Motor Company, a leading manufacturer of two and three-wheelers, on Friday, December 9, said its wholly-owned subsidiary TVS Motor (Singapore) Pte Ltd has signed an agreement to acquire electric vehicle-related technology and assets in Germany.

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"We wish to inform you that TVS Motor Company Limited (the Company), through its wholly-owned subsidiary i.e. TVS Motor (Singapore) Pte. Limited (TVSM Singapore) has signed an agreement to acquire EV-related technology and assets in Germany," the company said in an exchange filing.

"TVS Singapore will be acquiring the assets through its subsidiary BBT 35/22 Vermögensverwaltungs GmbH (name proposed to be changed to Celerity Motor GmbH). The said purchase will help strengthen the TVS expansion in the EV 2-wheeler market globally," the company said.

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The company has created a dedicated vertical for the EV segment with over 600 engineers and adopted the centres of competency (COCs) with an agile working approach. TVS sold more than 10,000 EVs in 2021-22.

During the year ended March 2022, the company's overall two- and three-wheeler sales, including international business, grew by 8 percent at 33.10 lakh units as against 30.52 lakh units in 2020-21 fiscal.

(Edited by : Shoma Bhattacharjee)

First Published:Dec 9, 2022 5:51 PM IST