TVS Motor targets sale of 100,000 iQubes in FY2023, plots series of new EVs by mid-2024

In sync with the growing demand for electric scooters in India, TVS Motor Co is witnessing strong customer response to its sole EV in the market – the iQube. In the ongoing fiscal’s first three quarters, which saw total sales of 53,599 iQubes, TVS has registered strong double-digit gains with each quarter. It recorded 79% quarter-on-quarter (QoQ) growth from 8,724 units in April-June 2022 to 15,645 units in July-September and 87% QoQ increase to 29,230 units in October-December 2022.

In January 2023, the TVS iQube has clocked its best-ever monthly sales since launch in January 2020 – 12,169 units. Total iQube sales in the first 10 months of FY2023 are 65,768 units (see data table below).

TVS Motor Co is targeting total sales of 100,000 iQubes – that translates into 34,3232 units to be sold in February and March 2023. As of end-January 2023, the company has bookings of over 30,000 units, which means it’s an electric race to the big number.

Speaking in an investor call on January 27, 2023, K N Radhakrishnan, Director and CEO, TVS Motor Co, said: “We are confident of crossing more than 100,000 EV sales in the domestic market during this financial year. Currently, the TVS iQube is available around 200 touch-points in India. We will be expanding that with better availability.”

He added, “Quarter after quarter, the company is significantly growing its EV sales volume. During Q1 of this financial year, we sold 8,000 numbers and improved it to 16,000 numbers in Q2. And further, we have improved to 29,000. Every quarter, we have been practically doubling. We will continue this momentum in Q4, thanks to the supply chain. We will continue this momentum with further improved ramp-up of production.”

The accelerated demand for the TVS iQube seems to have come after the rollout of the refreshed iQube in May 2022. The zero-emission TVS is priced between Rs 98,564 and Rs 108,690 (on-road Delhi) including FAME and other state subsidies, for the entry-level iQube and iQube S trims, respectively. In terms of network, the new iQube is available in 33 cities and is slated to reach another 52-odd cities within India. TVS Motor has also introduced a top-spec iQube ST variant with a range of 140km on a single charge. This is nearly twice the range of 75km on the earlier model.

New EVs with 5 to 25 kW power in the offing

Having recognised the huge untapped potential of India’s electric-two-wheeler market, which saw over 600,000 EVs sold in CY2022 and a 305% YoY growth, TVS Motor Co is apparently readying to expand its EV portfolio on two- and also three wheels.

In the same investor call, KN Radhakrishna also said, “Financial year 2023-24 will set a tone for the EV transformation with expanded all-India coverage of iQube and exciting new product launches from us.”

He added, “We will be launching a series of new products (EVs), for different customer segments, with a complete portfolio offering between 5 to 25 kilowatts in the next 12 to 18 months. An electric three-wheeler will be coming shortly.”

Given that the current iQube is powered by a 4.4 kW e-motor, it can be surmised that the upcoming TVS EVs on two wheels will be positioned above the iQube. And considering that the e-motor range goes right up to 25 kW, it would not be wrong to expect an electric TVS motorcycle too. 

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