TVS Motor to Expand EV Lineup with New Electric Three-Wheeler

Key Highlights:

• TVS Motor will launch a new affordable electric two-wheeler and three-wheeler this year.
• TVS is the second-largest electric two-wheeler maker in India, with popular iQube scooters.
• The company sees big growth potential in electric two-wheelers and plans to innovate and cut costs.
• TVS will introduce an electric three-wheeler this year, aiming at the growing market.
• TVS is investing Rs 1,000 crore this year, focusing on new EVs, ICE vehicles, and digital capabilities.

TVS Motor Company has announced that electric vehicles (EVs) will be its top priority moving forward. The company plans to expand its EV portfolio with new, more affordable two-wheeler and three-wheeler options this year. Managing Director Sudarshan Venu highlighted this strategy during the company’s annual general meeting.

New Affordable EVs Coming Soon

"Electric vehicles will be at the forefront of our future priorities. In terms of new energy vehicles and embracing the future, we are making very strong investments, and you will see more launches of electric three-wheelers and more affordable, yet stylish and aspirational electric scooters later this year," Managing Director Sudarshan Venu told shareholders at the company's annual general meeting today.

TVS Motor is India's second largest manufacturer of electric two-wheelers, after Ola Electric. It sells electric two-wheelers under the iQube brand, which has five variations. iQube is one of the best-selling electric scooters in the country. The manufacturer has recently added three more models to the iQube lineup, which now starts at Rs 84,999.

With electric two-wheeler adoption still in the single digits, the manufacturer sees enormous opportunities for growth in the market. TVS Motor thinks that developing new innovative product formats and lowering the total cost of ownership through battery and propulsion system R&D will help it strengthen its market position. 

Last year, the automaker expanded iQube availability to more than 700 dealerships.

Focus on Electric Three-Wheelers

Meanwhile, the company said that it will launch an electric three-wheeler this year. The three-wheeler industry is rapidly adopting electric vehicles in the country. Electric vehicles accounted for 55% of all three-wheelers sold in India during the previous fiscal year.

Future Vision and Investments

TVS Motor expects future revenue growth to be driven by investments in the electric vehicle business and technologies, as well as regional expansion. The corporation has planned a capital expenditure of Rs 1,000 crore for the current fiscal year. Around 70% of this will go toward developing new two- and three-wheelers in both the EV and ICE sectors, as well as strengthening digital capabilities.

The company's Chairman, Ralf Dieter Speth, has stated that the automaker is evolving into a high-tech global mobility corporation, with electric vehicles serving as the foundation for future growth. "Our focus on EVs - as one of our future growth enablers - fits perfectly with our 2030 vision," Speth said to shareholders.

Also Read: TVS Motor Company Partners with CSC Grameen eStores to Expand Commercial Vehicle Market

CMV360 Says

TVS Motor Company's focus on electric vehicles shows the industry's move towards sustainable transportation. Investing in EV technology and expanding its lineup, TVS aims to lead the growing electric vehicle market in India. This approach matches global trends and aims to give consumers more affordable and innovative options, helping to increase the use of electric vehicles in the country.