TVS Motor expands EV vision, acquires 25% stake in Germany’s Killwatt

TVS Motor Co is making dynamic moves to expand its electric vehicle programme and this includes acquiring equity stake in overseas companies engaged in EV developmental activity. The latest on this front is the Chennai-based two- and three-wheeler OEM acquiring a 25% stake in Killwatt GmbH, a privately held German company.

Incorporated in July 2020, Killwatt’s business comprises development, design, manufacture, sale and distribution of high-tech products and components for electric two- and three-wheelers. In its regulatory filing, TVS Motor Co said: “Killwatt presents great potential. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions. TVS Motor Company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business.”

In early December 2022, TVS had acquired 100% stake in another Germany-based company, BBT 35/22 Vermogensverwaltungs GmbH to undertake activities related to two-wheeler and three-wheeler vehicles, including R&D, engineering, sales and service thereof. There is also to be a change of company name to Celerity GmbH.

On February 2, 2023, TVS announced its investment in Singapore-based Ion Mobility with “an aim to provide Ion the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia,” and to drive the premium electric ecosystem in South-east Asia.

Ion Mobility, a full-stack EV company with a strong team of engineers and technical base in Singapore, had unveiled its first battery-powered electric two-wheeler – the Ion M1-S – in December 2021.

TVS Motor Co, which currently has a single EV in the form of the iQube electric scooter, closed FY2023 with sales of 96,654 units and also rode past the cumulative 100,000 sales milestone.

New EVs with 5 to 25 kW in the pipeline

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 on January 27, 2023, KN Radhakrishnan, Director and CEO, TVS Motor Co had 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. 

ALSO READ: EV sales in India hit 1.17 million units in FY2023, charge past 100,000 for six months in a row