In an attempt to strengthen its position in the quickly growing electric two-wheeler market, TVS Motor Company plans to launch a new model this fiscal year. The automaker also plans to launch an electric three-wheeler this year.
As you are aware, we have a well thought out plan for the electric mobility product line. This fiscal year, there will be more product releases; a new product will be made available in a particular market. TVS Motor’s CEO and director, KN Radhakrishnan, told investors it would take place this fiscal year.
TVS Motor’s iQube range includes four models with 2.2 kWh and 3.4 kWh battery capacity, with prices ranging from Rs 89,999 to Rs 1.56 lakh. The company also sells the expensive TVS X electric scooter, which starts at Rs 2.50 lakh, in addition to the iQube.
Automakers think there is a lot of space for growth in this sector because the proportion of electric two-wheelers on the road is still in the single digits. Radhakrishnan, however, gave no further details other than that the new product would be in the new location.
In the first half of current fiscal year, TVS Motor exported 1.27 lakh electric scooters, up from 96,191 units in the same period the previous year. The entire revenue generated by the electric car sector during that period was Rs 1,600 crore.
The company also plans to introduce an electric three-wheeler this year, given the market’s rapid adoption of electric cars.
TVS Motor has been making large wagers on investments in the electric vehicle sector and technology, as well as regional expansion, in an effort to boost its revenue in the long run.
The corporation’s management has also said that electric vehicles will be TVS Motor’s primary focus going forward. It believes that by researching and developing battery and propulsion technologies, it can improve its market position by creating new product formats and lowering the total cost of ownership.
