TVS Signs MoU with CESL To Setup EV Charging Stations

TVS Motor Company, one of India’s leading multinational two and three-wheeler manufacturers, has signed a Memorandum of Understanding (MoU) with Convergence Energy Services Limited (CESL), a subsidiary of state-owned Energy Efficiency Services Limited (EESL). 

TVS and CESL have signed the MoU to take a step towards the expansion and adoption of the electric vehicle (EV) ecosystem in the country. This partnership will entail setting up public EV charging infrastructure, adopting better technology for charging, exploring best practices and business models as well as examining the availability of potential customer segments for demand augmentation.

TVS motor company broke the news through their LinkedIn handle on World Environment Day 2021. TVS made its entry into the EV market in January last year (2020), with the launch of its ‘TVS iQube Electric’ scooter in Bengaluru. 

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Later this year, in February, the motor company launched its iQube electric scooter in Delhi, with an on-road price of Rs.1,15,000, after the launch of the Delhi government’s ‘Switch Delhi’ campaign. 

Notably, on the 1st of this month, TVS Motor Company registered sales of 166,889 units in May 2021 as against sales of 58,906 units in the month of May 2020. The company said, “We have reduced dealer stocks to support our dealers and channel partners and will produce to maintain adequate inventories for customer demand. We expect that pent-up demand will return as markets begin to reopen.”

While domestic sales have been slow due to the on-going pandemic, the company’s international business, however, continues to be robust. The total exports registered sales of 114,674 units in the month of May 2021 as against sales of 17,707 units in May 2020. 

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In its constant efforts for increasing EV adoption in the country, CESL has taken many steps, including various partnerships with different EV makers of the country. Recently, in May 2021, CESL placed a Letter of Award in favor of Tata Motors for the procurement of 300 EVs with 3 years of warranty. This will consist of 300 four-wheeler EVs (whose length is less than 4 meters) and a range equal to or more than 250 KMs.