TVS Motor Company intends to introduce a new electric two-wheeler in the current fiscal year in an effort to solidify its position in the rapidly expanding electric two-wheeler sector. This year, the carmaker also intends to introduce an electric three-wheeler.
We have a solid plan for the electric mobility product line, as you know. There will be more product launches this fiscal year; a new product will be introduced to a certain market. KN Radhakrishnan, the CEO and director of TVS Motor, informed investors that it would happen this fiscal year.
Four models with 2.2 kWh and 3.4 kWh battery capacities are available in TVS Motor’s iQube range, with prices ranging from Rs 89,999 to Rs 1.56 lakh. In addition to iQube, the company offers the high-end TVS X electric scooter, which starts at Rs 2.50 lakh.
Since the percentage of electric two-wheelers on the road is still in the single digits, automakers believe there is a lot of room for expansion in this market. However, Radhakrishnan only stated that the new product would be in the new area without providing any other information.
TVS Motor shipped 1.27 lakh electric scooters in the first half of this fiscal year, compared to 96,191 units during the same period last year. During that time, the electric vehicle industry brought in a total of Rs 1,600 crore.
Given the segment’s fast acceptance of electric vehicles, the business also intends to launch an electric three-wheeler this year.
In order to increase its income over the long run, TVS Motor has been placing significant bets on investments in the electric car industry and technology as well as regional growth.
The management of the corporation has also stated that TVS Motor’s major emphasis moving ahead would be electric automobiles. It thinks that developing novel product formats and reducing the total cost of ownership through research and development of battery and propulsion systems can enhance its market position.