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					</table><p>India-based two-wheeler maker <a href="https://www.tvsmotor.com/electric-scooter.html?utm_source=google&amp;utm_medium=DynamicSearchAds&amp;utm_campaign=EDM_TVS_IQube_DSA&amp;utm_content=EDM_TVS_Iqube&amp;gclid=Cj0KCQjwla-hBhD7ARIsAM9tQKsWfQgucAjTYLCGpmuEym2K8VULAboOBn7hCx5eYN1piSi4sORG_14aAokvEALw_wcB" target="_blank" rel="noopener"><u>TVS Motor Company </u></a>said that its Singapore-based subsidiary would purchase a 25% ownership interest in <a href="https://www.killwatt.com/" target="_blank" rel="noopener">Killwatt GmbH</a>, a German startup engaged in manufacturing electric mobility products and components.</p>
<p>The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.</p>
<p>According to a regulatory filing, TVS Motor (Singapore) has agreed to purchase 8,500 newly issued common equity shares at a cash consideration of €235.29 (~$281.6) per share.</p>
<p>Killwatt was incorporated on July 3, 2020, and is currently at a pre-revenue stage.</p>
<p>Killwatt’s business includes developing, designing, manufacturing, selling, and distributing high-tech components and products in the electric two-wheeler and three-wheeler vehicle sectors.</p>
<p>The company said it sees potential in Killwatt&#8217;s business model, and the acquisition is consistent with its vision to become a prominent player in the e-personal mobility segment, providing customers with sustainable mobility solutions.</p>
<p>This acquisition is part of TVS Motor’s larger vision to become a leading player in the e-personal mobility space and to provide sustainable mobility solutions to its customers.</p>
<p>The company added that Killwatt would be its strategic and long-term partner to establish a robust foothold in the e-mobility industry.</p>
<p>The acquisition comes at a time when India&#8217;s electric vehicle sector has seen remarkable <a href="https://www.mercomindia.com/ev-sales-clocked-record-one-million-units-2022" target="_blank" rel="noopener">growth</a> of 300% last year, primarily driven by the sales of two and three-wheelers.</p>
<p>In January 2022, the Indian automotive manufacturer <a href="https://www.mercomindia.com/tvs-acquires-stake-swiss-mobility-group" target="_blank" rel="noopener">announced</a> that it had acquired a 75% stake in the Swiss E-Mobility Group (SEMG). The company made the acquisition in an all-cash deal through its Singapore-based subsidiary.</p>
<p>Recently, India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors (EML), <a href="https://www.mercomindia.com/eicher-motors-to-acquire-in-e-motorcycle-firm-for-million" target="_blank" rel="noopener">said</a> it would acquire a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial equity investment of €50 million (~$53.2 million).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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TVS Motor’s Subsidiary Buys 25% Stake in German EV Manufacturing Startup

<p><a href="https://www.tatamotors.com/">Tata Motors Limited</a> has joined hands with <a href="https://project-lithium.com/">Lithium Urban Technologies</a>, a  commercial EV fleet provider (outside of China), to explore new models for customers who are looking for customized mobility solutions in the passenger, mass transit, and freight segments.</p>
<p>As a part of this new partnership, the company has signed a contract for the deployment of 400 newly launched Tigor EV sedan with an extended range of 213 km across the country. The new Tigor EV sedan is available both for fleets and personal use segments, and it qualifies for the <a href="https://mercomindia.com/govt-approves-55-billion-fame-program/">Fame II</a> incentive for eligible commercial customers.</p>
<p>The collaboration also plans to add 100 EV in the future, which would include the yet to be launched Nexon EV for corporate leadership transport services.</p>
<p>Speaking about the collaboration, Shailesh Chandra, of electric mobility business &amp; corporate strategy, said,<em> &#8220;This is not just the most significant milestone for Tata Motors’ e-mobility business, but also a big turning point in the EV market, which is now likely to see fleets electrify faster than ever before. We are delighted to enter this partnership with Lithium, who are on their pragmatic journey of expanding their zero-emission transport service rapidly. We are committed to nurturing this valued partnership as we address the evolving mobility needs of our customers through various disruptive business models.&#8221;</em></p>
<p>Lithium Urban technologies has its fleet of electric vehicles with associated charging infrastructure, based on innovative technologies like telematics, fleet management systems, scheduling, rostering, and analytics-based optimization.</p>
<p>Commenting on the latest development, Sanjay Krishnan, founder of Lithium Technologies, said, <em>&#8220;The induction of new extended range Tigor EVs and future EVs into our portfolio will add further differentiation to our service offerings for the passenger services. Lithium would move quickly to integrate the company’s paradigm-shifting LUTEC (LithiumUrbanTec) EV mobility utilization software with the new vehicles.” </em></p>
<p>Recently, Lithium Urban Technologies also <a href="https://mercomindia.com/lithium-urban-technologies-partners-wipro-ev-fleet/">partnered</a> with Indian software giant Wipro to expand its fleet of EVs for transporting its employees across its offices in India. The companies plan to roll out the fleet of EVs powered by renewable energy in a phased manner over the next 12-18 months catering to Wipro’s transportations needs across the country.</p>
<p>Earlier this year, Tata Motors had <a href="https://mercomindia.com/tata-motors-launch-electric-car-nexon-ev-next-year/">announced</a> that it would launch a new product called the Nexon EV in the personal EV segment by Q4 of the financial year 2019-20. The vehicle is expected to be powered by Tata’s Ziptron technology, and the car is expected to travel a distance of nearly 300 km on a single charge.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Tata Motors Signs Pact with Lithium Urban Technologies for 400 Tigor EV Sedans

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