TVS Motor Company, which makes two- and three-wheelers and which is having big ambition in the EVs segment, said that it will make an additional investment of £100 million (roughly Rs 995 crore) in Norton Motorcycles, the iconic UK brand it acquired in April 2020.
Norton recently opened its new manufacturing facility in Solihull, West Midlands, building British bikes in England using traditional hand-crafted techniques with modern-day machinery. It is expected to produce 8,000 high-end premium motorcycles every year. The 1,200cc, 200bhp Norton V4 SV model will be the first product to be launched after the takeover by TVS.
The investments, spread over the next few years, will result in an exciting range of products for the global market, TVS Motor said. The announcement came during UK Prime Minister Boris Johnson's two-day visit to India.
Norton is one of the world’s oldest (123 years) motorcycle brands and one of the most popular British motorcycle brands of all times.
The electrification angle
Norton Motorcycles’ new global headquarters houses state-of-the-art manufacturing capability and the company’s new global design and R&D hub. It forms a key part of Norton’s strategic growth plan on its journey to becoming a leading player in luxury and high-performance motorcycles.
Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, "This investment will be towards electrification, cutting edge technology, world class vehicles, manufacturing, sustainability & the future of mobility. This is expected to create 250-300 direct jobs over the next 3 years and another 500-800 indirect jobs across the supply chain."
The reference to 'electrification' in Sudarshan Venu is key here, as TVS Motor is said to be in the process of setting up a separate subsidiary for its EV business.
In India, TVS Motor is said to be pumping in Rs 1000 crore for setting up its EV production base in Hosur. It has already launched its iQube escooter. It has also made investments in Ultraviolette Automotive that builds electric bikes. TVS Motor company is also in a tie-up with Convergence Energy Services to set up charging stations across India.
TVS Motor, with a young team led by Sudarshan venu at the top, has ambitions of becoming a global player. And EVs will be an important cog in that wheel. A well-established brand like Norton will help TVS to pilot that dream forward.
The TVS Group will explore ways and means for electrification of the vehicles to be churned out from Norton's facility.
