TVS Motor lines up a slew of EV product launches starting Q2
The company will be launching EVs in different customer segments with a complete portfolio, in the range of 5-25KW, starting Q2 FY24.
TVS Motor is looking to strengthen its electric vehicle portfolio as it gears up to launch multiple products starting this quarter, said a senior company executive. He also highlighted that the company will be launching EVs in different customer segments with a complete portfolio.
“We will continue to invest in new products, with many new launches in EV and internal combustion-engine variants this fiscal year. On the EV front, we will be launching a series of products in the 5 kW-25 kW range. Some of the launches will happen this quarter,” said K. N. Radhakrishnan, Director and CEO, TVS Motor Company, in a post-earnings call. He further said that the company will launch its maiden electric three-wheeler, both passenger and cargo, in the upcoming quarter.
After the reduction in FAME II incentives in June, the Chennai-based two-wheeler maker has seen some impact on EV demand in the near term. However, the company’s CEO assured that the margin in the EV business continues to be positive despite the subsidy reduction.
“For us, EV is the future of business. We are ramping up iQube's monthly production capacity on the back of a healthy booking pipeline and are confident of reaching 25,000 units in August,” KN Radhakrishnan said. With the latest revision in FAME-II subsidy, the TVS iQube electric scooter prices have been hiked in the range of Rs 17,000-Rs 22,000, depending on the variant.
Launched in January 2020, the TVS iQUBE brand was expanded into three offerings - the iQUBE, iQUBE S, and iQUBE ST in May 2022. At present, the current order book of iQube stands at 30,000 units.
The company is also in the process of increasing the touch points to sell its electric scooter, the iQube. TVS Motor has added 74 touchpoints to sell iQube, which is now sold through 309 outlets and will grow to 600 touchpoints by the end of this fiscal year. Besides, the company has also started the export of iQube to Nepal and targets to reach more overseas markets going forward. On an industry level, the company sees the penetration of electric two-wheelers increasing to 20–25 percent in the next three years.
For the ongoing financial year, the company has lined up Rs 900-1000 crore, including both EV plus IC-engine vehicles. The management also highlighted that BMW's latest electric two-wheeler CE02 platform, is designed, developed, and manufactured by TVS Motor, and it is working jointly with BMW for global markets.
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