TVS is gearing up to launch one more electric two-wheeler by March 2025. The brand has already sold a total of 1.27 lakh electric scooters in the first half of the financial year, which accrued revenue worth Rs 1,600 crore.
- TVS currently sells the iQube and X electric scooters
- Until August, it was the second largest two-wheeler EV maker after Ola
New TVS EV: what do we know so far?
"As you are aware, we are well-planned for the electric mobility product line. You will be witnessing some more launches during this financial year... a new product is going to come to a customer segment. That will come in this financial year," TVS Motor director and CEO, KN Radhakrishnan, told investors.
With electric two-wheeler penetration still in single digits, automakers see significant scope for growth in the segment. Radhakrishnan, however, did not disclose more details about the new product, but just said it would be in a new segment.
"We time the launches. We want to make sure we grow ahead of the industry. It is a very measured call. On one hand we keep developing the product and then we decide when to launch the product," he said when asked if there is a delay in launching the new electric two-wheeler.
TVS Motor was the second-largest electric two-wheeler brand in terms of sales, after Ola Electric, with its two-wheelers under the iQube range, at least till August. However, Bajaj Auto claimed the number two position from TVS Motor in September. Bajaj Auto’s Chetak range of electric scooters outsold the TVS iQube, and narrowed the gap to Ola Electric.
The TVS iQube range has five variants with 2.2 kWh, 3.4 kWh and 5.1kWh battery capacities, which are priced in the range of Rs 94,999 to Rs 1.85 lakh (ex-showroom, Delhi). Apart from the iQube, the company also has a premium electric scooter – the TVS X – which is yet to hit our roads.
Vishal Venugopal
Ved Janve
Azaman Chothia
