TVS Motor, India’s third-largest two-wheeler manufacturer, is accelerating its global presence in the electric vehicle (EV) market. With the success of its iQube electric scooter, the company has secured the second position in the electric two-wheeler segment, boasting a 24% market share from August to October. In response to strong demand, TVS Motor has increased its iQube production to an impressive 25,000 units monthly and has ambitious plans for further expansion.
KN Radhakrishnan, the director and CEO of TVS Motor, revealed the company’s strategy, stating that they aim to launch a series of EVs ranging from 5 kW to 25 kW in the coming year. The iQube is already being supplied in international markets, with plans for further expansion into Europe within the next 2-3 quarters.
During the July-September quarter, TVS Motor experienced a remarkable 3.7X surge in EV sales compared to the same period the previous year, totaling 58,000 units. This impressive growth has propelled cumulative TVS iQube sales to over 2 lakh units since its launch in January 2020.
TVS Motor envisions the penetration of electric two-wheelers reaching 20–25% of the market within the next three years and has expanded its sales outlets for the iQube. By September, the company added 337 outlets, with a target of reaching 600 touchpoints by the end of the fiscal year.
In addition to the iQube, TVS Motor introduced its premium electric crossover, the TVS-X, with a price tag of Rs 2.50 lakh. The company plans to initiate deliveries in India this quarter, followed by a phased rollout in 15 cities. TVS Motor is set to tap into the super-premium market and plans to introduce the TVS-X in key international markets, starting with India and eventually expanding to countries like Indonesia. The CEO anticipates that this new offering will redefine the super-premium EV range both in India and developed markets.