Electric vehicles will be the top priority for TVS Motor Company going forward, and the automaker plans to expand its EV portfolio further this year with one more affordable two-wheeler and three-wheeler.
“EV continues to be front and center of our priorities going forward. In terms of new energy vehicles and in terms of embracing the future, we are making very strong investments and you will see more launches in terms of electric three-wheelers, and more affordable, yet stylish and aspirational electric scooters later this year,” Managing Director Sudarshan Venu said while speaking to shareholders in at the company’s annual general meeting.
TVS Motor is the second largest electric two-wheeler maker in India after Ola Electric. It sells electric two-wheelers under the iQube range and has five variants. iQube is among the top-selling electric scooters in the country. The automaker recently added three new variants to the iQube range, which now starts at Rs 84,999.
With electric two-wheeler penetration still in single digits, the automaker sees a significant scope for growth in the segment. TVS Motor believes new innovative product formats and lowering the total cost of ownership by battery and propulsion system R&D can help improve its market position. The automaker expanded the availability of iQube to over 700 dealerships last year.
Meanwhile, the company reiterated that it will introduce an electric three-wheeler this year. The three-wheeler segment is witnessing rapid electric vehicle adoption in the country. Electric vehicles accounted for 55% of the overall three-wheelers sold in India during the last financial year.
The company’s Chairman Ralf Dieter Speth has said the automaker is transforming into a high-tech global mobility company, with electric vehicles as the fulcrum of its future growth. “Our focus on EVs – as one of our future growth enablers – fits perfectly with our 2030 vision,” Speth told investors.
TVS Motor is betting on investments in the electric vehicle business and technologies, and geographical expansion as to its revenue growth in the future. The company lined up a capital expenditure of Rs 1,000 crore for the current financial year. Of this, around 70% will be spent on developing new two-wheelers and three-wheelers in both EV and ICE segments, besides building digital capabilities.