TVS iQube
| Photo Credit: G.R.N. SOMASHEKARA
Aiming to change into a global participant in personal transportation on two wheelers, TVS Motor Company mentioned it has drawn up plans to unveil new merchandise in the EV and ICE segments and consolidate its geographies.
The main two-and-three-wheeler producer exports autos to greater than 80 nations. Exports accounted for 35% of the corporate’s whole income of ₹32,112 crore in FY23.
“We want to be a global player in personal transportation on two wheelers. We are looking at e-bicycles, e-motorbikes and e-scooters. We need a bigger footprint in Latin America and South East Asia and ultimately with Norton motorcycles and e-bicycles to North America and Europe as well,” mentioned TVS Group chairman Emeritus Venu Srinivasan.
“This year is going to be a very important year, because we will also start looking at some of the international markets by expanding into Latin America and West Asia. So, this year is going to be another milestone year in the EV segment,” CEO Okay.N. Radhakrishnan mentioned throughout an analysts name.
According to him, TVS usually seems to be at home and growing nations. With the prevailing merchandise, it’s already in the developed nations and will likely be coming into into many developed nations.
For FY24, TVS Motor has lined up a capex of ₹900-1,000 crore for the ICE and EV segments each in two- and three-wheelers, and an funding of about ₹700 crore.
“So, TVS will become a global brand with these investments and the new products. It is going to be a milestone in terms of building the TVS brand globally,” he mentioned.
As per the plan, TVS Motor will likely be unveiling a collection of recent merchandise, specializing in completely different buyer segments, with an entire portfolio in the vary of 5-25 kw in the subsequent 9-15 months.
Electric three-wheelers – each passenger and cargo – are preparing and could be unveiled in the upcoming quarter. Besides, the corporate mentioned it had a transparent technique for the iQube, iQube variants and different merchandise.
Currently, the TVS EV portfolio consists of iQube. During This fall, the corporate delivered 43,000 models and has an order ebook of shut to 30,000 models, and expects to retain the expansion momentum in the approaching months.
Claiming that there was good demand from worldwide distributors for the iQube, the CEO mentioned that they want to fulfil the demand in the Indian market. The worldwide enterprise would start by the second or third quarter, he added.
