TVS Motor Company anticipates that electric vehicles (EVs) will represent 25-30% of its total two-wheeler sales within the next two to three years, as stated by Managing Director Sudarshan Venu. Reinforcing its commitment to invest INR 5,000 crore in the design, development, and deployment of future technologies and products, the company is placing significant emphasis on electric mobility. Venu mentioned that EV sales are projected to rise, with the company gearing up to introduce electric bicycles and cargo three-wheelers to offer a comprehensive range of products.
In FY24, TVS witnessed a remarkable 101% growth in EV sales, reaching 1.94 lakh units compared to 97,000 units in 2022-23. During the same fiscal year, TVS achieved sales of 19.9 lakh motorcycles and 15.7 lakh scooters. Venu emphasized the expansion of the company’s EV presence in both the scooter and motorcycle segments, including the introduction of another electric scooter this year alongside the existing iQube and TVS X models. He also highlighted the TVS Racing Electric One Make Championship and the development of TVS Apache RTE (Racing Throttle Electric) race motorcycles as indicative of the company’s future direction in the electric motorcycle segment.
Looking ahead, Venu expressed the company’s intention to explore electric bicycles and cargo three-wheelers, recognizing the significant potential for electric three-wheelers, especially in urban areas. He emphasized the growing opportunities in e-commerce and logistics, foreseeing increased demand for electric three-wheelers in cargo applications alongside passenger applications for both electric and compressed natural gas (CNG) vehicles.
Regarding future investments in EV, Venu affirmed TVS’s commitment to further building this business, leveraging advancements in battery technology through global partnerships. The company remains dedicated to in-house development of various EV technologies and plans to bolster expertise in software, analytics, digital, and artificial intelligence (AI) to meet evolving market demands.
