TVS Motor, the third largest two-wheeler manufacturer in the country, is aiming to expand its product portfolio in the electric vehicle (EV) space in both domestic and international markets. With its maiden electric scooter, the iQube, the company has risen to second position in the electric two-wheeler category with 24% market share during the August-October period.
According to KN Radhakrishnan, director and CEO of TVS Motor, the company has ramped up production of its electric scooter to 25,000 units per month and is planning to take this to the next level.
"Currently, we have very strong bookings for iQube, and going forward, the company plans to launch a series of products in the range of 5 kW to 25 kW over the next year. We have started supplying iQube in international markets, and the product will be available in more markets, including Europe, over the next 2-3 quarters," Radhakrishnan told analysts over a conference call. Notably, TVS Motor sold 58,000 units of EVs during the July-September quarter, as compared to 16,000 in the same period a year ago.
“Our EV sales jumped 3.7X in the July-September quarter compared to the year-ago quarter, pushing the cumulative TVS iQube sales to more than 2 lakh units since its launch in January 2020,” the CEO added.
On an industry level, the company sees the penetration of electric two-wheelers increasing to 20–25 percent in the next three years. By the end of September, TVS Motor has added 337 outlets to sell iQube and targets to grow to 600 touchpoints by the end of this fiscal year.
Further, the company also introduced its second electric scooter in August, the TVS-X, with a price tag of Rs 2.50 lakh, and indicated its aspirations to cater to super premium markets. Radhakrishnan said that the company will start the delivery of TVS X this quarter, and India will be the first potential market. The initial roll-out in the domestic market is planned across 15 cities in a phased manner. TVS Motor aims to introduce the TVS X across key international markets as well, leveraging its well-established network and strategic partnerships.
“Our brand new premium electric crossover is going to redefine the super-premium range in India and the developed markets. After Diwali, we will begin shipping TVS X throughout India, and perhaps by the following year, we will be bringing it to other countries, like Indonesia," Radhakrishnan said.