TVS has been one of the more willing major OEMs when it comes to electric two-wheelers, launching its iQube electric scooter back in January 2020. The e-scooter then received a comprehensive update last year, with the range growing to three variants, two of which are currently on sale, and the third set to arrive soon. As a well-sorted product with the backing of a strong brand, the iQube has been steadily gaining popularity, and consequently, TVS has been increasing its availability across the nation. Now, the iQube has reached a point where it is averaging close to 10,000 units per month, with the company reporting around 29,000 units sold in Q3 FY23.
This marks yet another quarter of strong growth for the e-scooter, with it having sold around 16,000 units in Q2, and roughly 8,000 units in Q1. TVS hopes to continue the trend of more or less doubling the iQube’s sales each quarter, and hopes to surpass the 1 lakh figure for this financial year. To do this, it will have to sell upwards of 50,000 units in the current quarter but is confident of achieving and surpassing this, setting itself a target of 25,000 units each month, as it scales up production.
Further underlining the scooter’s growing success is the fact that in Q3, it contributed 10 percent of TVS’ total domestic scooter sales, carving out a space for itself alongside popular names like the Jupiter, NTorq and Scooty Pep. The company is keen to begin exporting the iQube as well, and says that it will begin doing this once it is satisfied it can cater to the growing domestic demand. At the moment, it has 25,000 to 30,000 bookings in its order book.
Building on this, TVS says that FY23-'24 will set the tone for its EV transformation, and it plans to roll out a series of new electric products in different segments ranging between 5kW to 25kW in the next 18 months.
Ved Janve
Vishal Venugopal
Dinshaw Magol
