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TVS Motor expects half of its revenue to come from international operations over the next 3 years as it shifts gears, going beyond being an exporter of two- and three-wheelers to become a global mobility firm with a presence in nearly all overseas markets.
As part of its Vision 2030, the maker of Apache motorcycles and iQube e-scooter is looking to launch multiple products with segment-first features for domestic and international markets in the internal combustion engine (ICE) powered and battery-operated two-wheelers, said Sudarshan Venu, MD, TVS Motor.
“By 2025, we see 30% of the scooter industry becoming electric and more than half of our revenues coming from outside India,” Venu told ET. “We also expect premium bikes and the upcoming models, which are very attractive and focused on the youth, to give a greater push to the brand, making it more aspirational…”
New model introductions, starting with the Creon, an electric scooter that the company is launching in Dubai on Wednesday, will underpin the growth strategy and start delivering on sustainability and connectivity, said Venu. They will boast features such as facial recognition for helmets and cornering anti-lock braking system (ABS). Currently, TVS sells only one e-scooter, the iQube, which has emerged as the second best-selling in the segment, following the top-selling Ola S1. iQube sales have crossed 150,000 units since making a debut in May 2020.
“On the 23rd, you will see a product that really lives this vision in terms of transforming quality of life, safety, excitement, connectivity, software, new form factor…,” he said, adding it will be followed by another launch in a month.
TVS Motor currently has a presence in 80 countries and draws 35% of its revenues from overseas markets. As part of its globalisation push, the company will soon announce a partnership for Europe, where it currently doesn’t have a presence. It has multiple partnerships in place for products, services and providing mobility. It’s an early-stage investor in Ultraviolette, a Bengaluru-based electric motorcycle maker. It also has a strategic partnership with Rapido, a bike taxi platform for offering mobility services.
The company’s partnership with BMW Motorrad, which completed a decade earlier this month, has also paid rich dividends, he said.
“You are seeing the results (of BMW partnership) in terms of the premium vehicles and the electric vehicles which are coming out of that partnership and being sold all around the world under TVS and BMW brands. There’ll be more of it in the future,” he said, alluding to the joint development of electric scooters and new ICE platforms.
TVS Motor has pumped in about INR 800 crore in tech investments and partnerships over the past six years. It plans to invest INR 3,000 crore over 3-4 years in EVs. The funds will be raised via internal accruals.
The strategy, part of the long-term vision, involves going beyond exports or customising products for a particular market. It would encompass having products engineered ground-up with global talent to cater to mature markets like Europe, said Venu. In Indonesia, the company is working with ION Mobility to develop an electric scooter, he said.
