TVS Motor Company expects electric vehicles to account for 25-30% of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company, which had earlier this year reiterated its commitment to invest INR 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.
“EV sales will only go up…We believe that 25-30% of TVS‘ (two-wheeler) sales will be EV (electric vehicles) in two to three years’ time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them,” Venu told PTI.
In FY24, the company’s EV sales grew by 101% at 1.94 lakh units as against 97,000 units during 2022-23. TVS sold 19.9 lakh units of motorcycles and 15.7 lakh scooters in FY24.
Venu said TVS will bring another electric scooter this year to add to its existing portfolio of iQube and TVS X, while asserting that the company’s EV presence will be across both scooters and motorcycle segments.
For electric motorcycles, he referred to the ‘TVS Racing Electric One Make Championship’ for which the company developed TVS Apache RTE (Racing Throttle Electric) race motorcycles as a sign of things to come in the segment.
“We may look at electric bicycles and electric cargo three-wheelers. We will have a full range of products,” he said, adding the electric three-wheelers have a huge opportunity and it would grow fast particularly in urban areas.
As e-commerce and logistics improve there is a greater opportunity for three-wheeler cargo applications in addition to passenger applications for both EV and CNG, Venu said.
When asked about future investments for EV, Venu said,”We have already announced investments and we will continue to build this business. The investment momentum that you have seen in the last few years from our side will continue going into the future as well.”
With the battery technology rapidly evolving, he said TVS has partnered with “the best globally on the cell side to ensure that we give the best option to customers each year”.
The company has been focussing on in-house development of a slew of technologies for electric vehicles, he said, adding while a large number of engineers have been committed to EV, it would also continue to strengthen in software, analytics, digital and AI going forward.
