TVS Motor Company is investigating different avenues for raising money for its electric vehicle (EV) division. The business is prepared with its electric three-wheeler and other segment-specific products, which are planned for release in a number of upcoming quarters.
The business claimed to have a well-defined investment roadmap and to have EV products available in some international markets by the end of the following year.
During an investor call, N Radhakrishnan, director & CEO of TVS Motor, responded to questions about fund-raising for the EV business by saying: “We are evaluating various options. We’ll call on the overall business decision.
The business is prepared with its electric three-wheeler, and that will be an opportunity for TVS to grow first in India before spreading its wings abroad.
Although there is a sizable demand for the products in global markets, the company will only export the goods after meeting local demand.
“We don’t want to start it without meeting the local demand, so maybe next year we will see we’re getting into some of the markets,” he said. Regarding the company’s overall EV strategy, Radhakrishnan said it has plans to deliver products according to market segments, and many more launches are scheduled for the coming quarters.
With the BMW partnership, there is a fantastic opportunity to introduce TVS brands to both developed and developing markets. Therefore, he said, “You will see a big drive in really making TVS a brand global.
The iQube scooter, which has three variants and is sold through 200 outlets nationwide, is the only EV product that TVS Motor currently offers. Quarter after quarter, the company has seen a significant increase in the volume of EV sales. It sold 8,000 numbers in Q1 of FY2 and improved to 16,000 numbers in Q2. Additionally, it increased to 29,000, and sales have been nearly doubling every three months.
Electric vehicle orders are close to 30,000, and they are confident that they will surpass one lakh EV sales in the domestic market during FY’23. During Q3FY, about 10% of the domestic scooter volume came from EVs.
TVS Motor announced last month that it intended to invest in Madhya Pradesh in order to expand production of two- and three-wheeled vehicles powered by ICEs and electric motors. The company intends to invest more than Rs 1,000 crore over a period of time, creating more than 2,000 direct and indirect jobs in Madhya Pradesh.
