TVS Motor to launch complete range of 2- and 3-wheelers in next two years; eyes dominance in EV space
The company has earmarked an investment of ₹1,000 crore on its electric vehicles business.
Chennai-based TVS Motor Company will launch a complete range of electric two- and three-wheelers with power output ranging from 5 to 25 kilowatts in the next two years as it seeks to play a leading role in the country’s emerging electric vehicle space, according to a top company official.
The company, which has earmarked an investment of ₹1,000 crore on its electric vehicles (EV) business, will also continue to invest on conventional engine vehicles, where it sees growth opportunities.
“We are excited about EVs. We’re investing in building capability and products to play a leading role in this in the EV space going forward, which we believe will grow fast,” TVS Motor Company Joint Managing Director Sudarshan Venu told PTI.
He said the company is investing over ₹1,000 crore on the EV venture with a team of over 500 engineers engaged in development of new electric vehicles.
When asked about the new EV product road map, Mr. Venu said, “We will have a complete range, which we will launch in stages over the next two years from 5 to 25 kilowatts – two-wheelers and three-wheelers in both passenger and cargo (segments) as well.” Besides, he said, “We will also in the next couple of months announce an upgrade on the TVS iQube (the company’s existing electric scooter).” The iQube, which has a peak power of 4.4 kW and a range of 75 kilometres on a single charge, is currently sold in four cities.
“Our plan is to take this nationwide before the end of the fiscal year,” he said adding in September alone, TVS Motor Company plans to expand the availability of the iQube to another 20 cities.
Asked if TVS planned to export its EVs, Mr. Venu said, “We certainly believe that TVS has a good international business and we will look to export EVs as well.” While bullish about the EVs, Mr. Venu said, “At the same time I think the exact pace of electric vehicle adoption will depend on various factors, including the maturity of technology, the improvements in technology and the advances, subsidies and customer acceptance, creation of charging infrastructure.” From TVS’ point of view, he said, “We will invest ahead and be ready for this…We’re also announcing charging partnerships to scale up the fast charging and convenience to customers.” Commenting on the company’s strategy for the conventional internal combustion engine vehicles (ICE), Mr. Venu said TVS will continue to invest where it sees growth opportunities and potential.
“We will continue to invest what is needed in this space…We have a regular product cadence…These launches will be adequately funded and where we see an opportunity in this space, we will certainly continue to invest,” he added.
The company sees the ICE business certainly having good traction, particularly in certain segments and also in the export markets, Mr. Venu said while adding “but EV is very important for us and we’re investing behind it”.
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