Having been on an acquisition spree, TVS Motor has picked up stakes in emerging companies like EBCO in UK, Drive X, ION Mobility and SEMG amongst others and the company wants to gain from their expertise and transition into "a smart mobility company".
- Dedicated EV team set up
- Carefully selected acquisitions
- Developing EVs with international partner BMW
Ralf Speth, Chairman of TVS Motor Company told shareholders at the 31st Annual General Meeting on Tuesday, "It is our intention to develop the dynamics of the start-ups further, independently. Simultaneously, of course, we want to use these potentials and gain additional value in our core business. The experienced TVS team is leading the transition into smart mobility. With very well selected acquisitions TVS has strengthened its capabilities further."
While TVS Motor is banking on its global marque partner BMW Motorrad to help the company expand its electric two wheeler expertise, through its acquisition of SEMG in Switzerland, the compay is looking at opportunities to expand the core product range into adjacent segments with electric bicycles, including e-kick scooters and e-cargo bikes, which are emerging trends.
TVS has set up a dedicated EV team to rapidly transform into electrification, ramp-up the direct and indirect product pipelines – and to offer our Indian tested, most reliable products internationally.
On EVs, Speth said, the industry witnessed a strong growth of the EV-two-wheeler industry with sales of 7.18 lakh units translating to a growth of about 2 times over FY22.
"The heightened consumer interest is driven by the alluring ‘Total Cost of Ownership’, digital-first technology propositions, the FAME II and PLI support from the central government combined with state-specific support that EVs offer. If consumers consider increasing fuel prices, EVs are even more attractive," said Speth.
Speth believes that as electric mobility gains momentum in India and other countries, it will prompt disruptions and structural shifts in the automotive industry. As such, TVS will launch desirable, new products with latest technologies in electric/electronic architectures and high energy efficiencies.
The chairman of TVS believes the EV industry is slated to grow rapidly and TVS has robust plans for this segment. In addition, with the strategic association with BMW Motorrad, TVS will be working jointly on the design and development of EV vehicles for the global markets.
"Our team is determined to deliver additional values for our customers. TVS is leading the way to smarter EV mobility and better living conditions," he added.
Azaman Chothia
Vishal Venugopal
