TVS Motor is set to expand its electric vehicle (EV) offerings with a series of launches starting this quarter, covering a range of 5-25KW and catering to various customer segments. The company’s CEO, K. N. Radhakrishnan, confirmed the strategy, emphasizing a comprehensive portfolio in the EV domain.
Despite the recent reduction in FAME II incentives impacting near-term EV demand, the company remains optimistic about its EV venture’s profitability, maintaining a positive margin. Radhakrishnan declared EVs to be the future of the business and disclosed plans to enhance the production capacity of the TVS iQube electric scooter to reach 25,000 units by August.
The TVS iQube brand, launched in January 2020, has expanded to include three offerings, and the current order book stands at 30,000 units. To enhance accessibility, the company is actively increasing touchpoints for iQube sales, aiming to grow from 309 outlets to 600 by the fiscal year’s end. The iQube has also started its journey into international markets, with exports to Nepal and future plans for more overseas expansion.
TVS Motor anticipates electric two-wheeler penetration to rise to 20-25% in the industry over the next three years. For the ongoing fiscal year, the company has earmarked Rs 900-1000 crore for EVs and internal combustion engine vehicles combined. Additionally, the company’s partnership with BMW has yielded the development of the CE02 electric two-wheeler platform, showcasing TVS’s global innovation collaboration.