This MoU is in line with its TVS Motor announcements in the past of expanding the electric product portfolio of TVS Motor which spreads across 5-25kW two- and three-wheelers portfolio, launching all of them by mid-2023.

TVS Motor aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers while expanding the presence of TVS iQube Electric across all major cities in India.

This partnership will cover both two-wheeler and three-wheeler vehicles and extend across internal combustion engines (ICE) and electric vehicles (EV) segments.

Speaking at the partnership, Sudarshan Venu, ioint managing director said, “We believe we can expand our reach in the mobility and hyper-local segments using highquality, connected products from the TVS Electric portfolio and financing from our group. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further.”

“Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3, as well. This association will help us strengthen our capabilities and expand our electric bikes fleet. The ultimate objective is to help millions of more Indians commute through an affordable, comfortable, convenient and safe alternative mode of transport,” said Aravind Sanka, Co-Founder at Rapido.

Rapido is an auto and bike taxi aggregator that is spread widely across PAN India from tier I to tier III cities. The app allows you to book bike taxis and autos with the minimum wait time, and maximum safety and is super easy on your pockets.

TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Mobility with a focus on sustainability. Rooted in our 100- year legacy of trust, value, and passion for customers and exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes.

On consolidated basis, the motor company reported 41.6% rise in net profit to Rs 18,549 crore on 57% increase in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.

Shares of TVS Motor Company were trading lower at 0.12% to Rs 681.30