TVS Motors buys stake in Ultraviolette Automotive - an electric vehicle start-up

TVS Motors buys stake in Ultraviolette Automotive – an electric vehicle start-up

TVS Motors is making big plans to get into the electric two wheeler segment. The company has already been testing the electric version of the Jupiter automatic scooter, which will be launched in India next year. Now, TVS has gone a step further, and purchased a 14.78 % stake in Bangalore-based Ultraviolette Automotive, an electric vehicle start-up. The start-up was founded in December 2016, and now has a team of 13 members, including its co-founders – Narayan Subramaniam (CEO) and Niraj Rajmohan (CTO).

Details about Ultraviolette Automotive’s first product for the Indian market are not known for now. However, the company has already built three prototypes, which are currently under testing. From the picture that Ultraviolette has put up on its Facebook page, the start-up seems to be developing a cafe-racer styled electric motorcycle. The company’s website also doesn’t reveal anything about its first product, and only gives out information about the team, it’s vision and some pictures of prototypes. Apart from two wheelers, Ultraviolette is also said to be developing a hybrid bicycle and a unmanned aerial vehicle.

There has been a profusion of electric vehicle start-ups in India. The most prominent ones among these, who have products nearly ready for the market are – Ather Energy from Bangalore, and Tork Automotive from Pune. Tork has already launched the T6X, an electric motorcycle with streetfighter styling. The T6X is expected to go into serial production by next year. Ather is developing the S340, a radical looking electric scooter that is said to have many smart features to attract younger buyers. The S340 is expected to be launched next year.

It will be interesting to see if start-ups get the same kind of traction as the big players in the electric vehicle segment. Manufacturing is capital intensive, and to produce 1000s of vehicles, big factories and major investments are required. If successful, these manufacturing start-ups could provide a lot of jobs to young Indians.

Via ACP

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