Headquartered in Chennai, TVS Motor is an India-based two- and three-wheeler manufacturer. In terms of revenue, the multinational company is the third-largest motorcycle company in India. With an annual sale of three million vehicles and an estimated production capacity of more than four million units per year, the motor vehicle manufacturer rightly defends its rank.
The company’s state-of-the-art facilities situated in the Indian cities Hosur, Mysuru, and Nalagarh, and Indonesian Karawang sustain its progress while supporting its green mobility goals. History going back a century contributes to the dedication of the company to make aspirational products that are internationally valued due to quality materials producing the highest-grade products via innovative and sustainable processes.
The brand has a deeply rooted legacy of value, trust, and passion to cater to the desires of the customers. In accordance with its goal to transform the quality of life via more exciting, responsible, safe, and sustainable mobility solutions, TVS has been deeply involved in the electrification of the global transportation sector. With an average production of 25,000 electric scooters per month, the company holds the second rank in the electric two-wheeler category. Set on improving its global presence via an expanded portfolio in electric vehicles, the company has decided to ramp up its production on both domestic and international markets.
The auto motor giant’s maiden electric vehicle, the iQube, was initially launched with a limited dealership in Bangalore. Since its first release in the commercial market in January 2020, the model has been released in 20 cities across India. With over 24% rise in the market shares during the August-October period alone, the model has proven to be quite successful.
The director and CEO of TVS Motor, KN Radhakrishnan, said in a conference call, “Our brand new premium electric crossover is going to redefine the super-premium range in India and the developed markets. After Diwali, we will begin shipping TVS X throughout India, and perhaps by the following year, we will be bringing it to other countries, like Indonesia,” The second in line electric scooter series of the brand, TVS X, was introduced in August. Priced INR 2.50 lakh, the company aspired to cater to the premium markets.
The CEO shared the expected delivery date to start in the current quarter. With a primary ingratiation into the domestic market planned across 15 cities, the company is prepping for commercialization. The domestic release of TVS X will go about in a phased manner to build up anticipation in the international field by leveraging its established network and strategic collaborations.
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The company’s electric vehicle sales have shown an enormous leap in the July-September quarter compared to that of the previous year. Due to a 3.7 time increase in revenue, the electric vehicles sector of TVS is pushing the cumulative iQube sales of over 2 lakh units. From an industrial perspective, an increase in electric two-wheeler sales, ranging from 20% to 25% in the next three years, is possible.
The CEO, Radhakrishnan, said over a conference call, “Currently, we have very strong bookings for iQube, and going forward, the company plans to launch a series of products in the range of 5 kW to 25 kW over the next year. We have started supplying iQube in international markets, and the product will be available in more markets, including Europe, over the next 2-3 quarters,” Compared to the 16,000 sales in the July-September quarter of 2022, the electric vehicles sale has experienced a massive boost with 58,000 units sold in the same quarter of 2023.
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