Taiwan’s Kymco backs Twenty Two Motors
Taiwanese two-wheeler maker Kwang Yang Motor Co. Ltd, or Kymco, is investing in Gurugram-based electric vehicle start-up Twenty Two Motors Pvt Ltd.
Kymco will pick up a stake of over 25 per cent in Twenty TwoMotors and that it will invest $65 million (Rs 480 crore) in the Indian company.
Twenty Two Motors will use the proceeds for setting up a new plant and for localisation of batteries over the next three years, according to the report.
Separately, the two companies announced a partnership that will allow them to share knowledge, technology and expertise to create premium electric mobility architectures in India, according to a press statement. The companies will launch two wheelers under the Twenty Two Motors Kymco brand from early next year.
Parveen Kharb, co-founder and chief executive of Twenty Two Motors, said in a statement the tie-up will strengthen their expertise and enable them to build innovative, powerful and smart electric vehicles.