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 and the business’ revenue came in at Rs 1,600 crore.
- TVS currently sells the iQube and X electric scooters
- It is the second largest two wheeler brand after Ola Electric
New TVS EV two wheeler: 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 a 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 the 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 had been the second-largest electric two-wheeler brand in terms of sales after Ola Electric with its two-wheelers under the iQube range till August.
However, Bajaj Auto claimed the number two position from TVS Motor in September. Bajaj Auto’s Chetak range of electric scooters outsold TVS iQube, and narrowed the gap between the market leader Ola Electric.
The TVS iQube range has five variants with 2.2 kWh, 3.4 kWh and 5.1kWh battery capacities, priced in the range of Rs 94,999 to Rs 1.85 lakh (ex-showroom, Delhi). Apart from iQube, the company also has a premium electric scooter – TVS X, which is yet to hit our roads.
In the first half of this financial year, TVS Motor dispatched a total of 1.27 lakh electric scooters, against 96,191 units in the year-ago period. Revenue from the electric vehicle business totaled Rs 1,600 crore during the period.
Also See: TVS iQube now gets 5 variants, prices start at Rs 94,999
