TVS Motor Company has revealed that it is evaluating various fundraising options for its electric vehicle (EV) business.
The company is ready with its e-three-wheeler and other segment-wise products which are being lined up for roll-out in various upcoming quarters.
The company said that it has a clear roadmap on investment and plans to take the EV products to some of the international markets, by next year.
N Radhakrishnan, director & CEO, TVS Motor, responding to queries on fund-raising for EV business said at an investor call: “We are evaluating various options. The overall business decision, we’ll take a call.”
The company is ready with its electric three-wheeler and that will be opportunity for TVS, first to expand in India and spread wings to the international markets.
There is good demand for the products in the international markets, but the company will be exporting the products only after satisfying the local market.
“Without satisfying the local demand, we don’t want to start it, so possibly next year we will see we’re getting into some of the markets,” he said. On the overall EV strategy, Radhakrishnan said the company has plans to deliver segment-wise products and many more launches are being lined up in the future quarters.
With the BMW partnership, there is a great opportunity to take TVS brands not only to the developing markets but to the developed markets also. “So you will see a big drive in really becoming TVS a brand global,” he said.
Currently, TVS Motor has a lone EV product, the iQube scooter, which has three variants and is being sold through 200 outlets across the country. The company has been significantly growing its EV sales volume, quarter after quarter. During Q1 of FY’2, it sold 8,000 numbers and improved it to 16,000 numbers in Q2. Further, it improved to 29,000 and every quarter, it has been almost doubling the sales.
The management had previously said it will continue this momentum in Q4, thanks to supply chain and FY 24 will set a tone for the EV transformation, with expanded all India coverage of iQube and new product launches.
During Q3FY, around 10% of the domestic scooters volume has come from electric vehicles and its order funnel of EV is close to 30,000 and confident of crossing more than one lakh EV sales in the domestic market during FY’23, they had said.
Last month, TVS Motor had expressed its intention to invest in Madhya Pradesh for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine (ICE) vehicles. Over some time, the company plans to invest over Rs 1,000 crore, generating direct and indirect employment in Madhya Pradesh of over 2,000 jobs.
TVS Motor had reported a 22% rise in its profit after tax (PAT) at Rs 353 crore for the third quarter of FY’23 as against `288 crore in the corresponding quarter of last fiscal.
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!