TVS Motor is in plans to boost sales of EVs in both developing and developed markets, betting big on India's potential to emerge as a major export hub for electric two-wheelers
The company will leverage on its plant in Indonesia to cater to other neighboring markets in the ASEAN region, where it has started selling its electric scooter TVS iQube last year, as per the PTI’s report
The report further said that TVS Motor sold 52,000 electric two-wheelers in Q1 of FY 2024-25, compared to 39,000 units, from a year ago
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Automobile manufacturer TVS Motor is planning to boost sales of its electric vehicles (EV) in both developing and developed markets, betting big on India’s potential to emerge as a major export hub for electric two-wheelers, according to the company’s director and chief executive KN Radhakrishnan.
“We strongly believe that India will emerge as a major export hub for two-wheeler EVs. With the continuous improvement in the EV supply chain and infrastructure, we are confident that we will continue to be a strong player in the EV segment,” Radhakrishnan was quoted as saying by PTI.
The company will leverage on its plant in Indonesia to cater to other neighboring markets in the ASEAN region, where it has started selling its electric scooter TVS iQube last year, the report added.
Inc42 has reached out to TVS Motor for comments on the development. The story will be updated based on the response.
The report further said that the company sold 52,000 electric two-wheelers in the first quarter of the financial year 2024-25, compared to 39,000 units, from a year ago.
The flagship brand of TVS Group founded in 1979, is known for its two-wheelers such as Apache, Jupiter, Zest among others. The company launched its first ever electric two-wheeler iQube in January 2020 in India.
The automobile manufacturer has also invested in EV startups such as Ultraviolette Automotive, for a period of time. TVS Motor’s recent investment in the startup was along with SaaS unicorn Zoho in 2021, at $200 Mn pre-money valuation.
Radhakrishnan also said, “As far as we are concerned, we will definitely start exporting our EV products to ASEAN markets and already (conducting) advanced testing and everything is done there. So, it will start.”
The report further revealed that the company has a well-planned product lineup for electric mobility, and it will be launching some of them soon, he said, adding ‘last year, we started TVS iQube to ASEAN and Asian markets’.
Electric vehicles, being at the centre stage of the market today, automobile manufacturers and investor firms are betting big on its potential.
Total electric two-wheeler monthly registrations crossed the 1 Lakh units mark in July, with IPO-bound Ola Electric alone claiming almost a 40% market share.
As per Vahan data as on August 1, two-wheeler EV registrations grew 34% month-on-month (MoM) to 1.07 Lakh units in July.
This new development also comes at a time when the EV startup Ola Electric unveiled its electric motorcycle portfolio, ‘The Roadster Series’, during its annual event, in the past week. The Bhavish Aggarwal-led startup unveiled three motorcycles under this portfolio – Roadster X, Roadster, and Roadster Pro.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.