As the electric vehicle (EV) market continues to grow, TVS Motor Company is gearing up for an exciting expansion of its electric two-wheeler lineup. With plans to launch a new electric model by March 2025, TVS is making significant strides in the burgeoning EV sector. Let’s explore what this means for the company and the market as a whole.
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TVS Motor Company: Current Position in the EV Market
TVS Motor has established itself as a key player in India’s electric two-wheeler market. The company has sold a staggering 1.27 lakh electric scooters in the first half of the financial year, generating impressive revenue of ₹1,600 crore. Until recently, TVS was the second-largest electric two-wheeler brand in India, just behind Ola Electric. However, Bajaj Auto surpassed TVS in September, claiming the number two spot with its Chetak range of electric scooters.
TVS Electric Two-Wheeler Offerings
Currently, TVS retails a diverse range of electric scooters, including the popular iQube and the premium TVS X, which is yet to see full market rollout.
Currently, TVS offers two main electric scooter models:
- iQube: Available in multiple variants, the iQube features battery options of 2.2 kWh, 3.4 kWh, and 5.1 kWh, with prices ranging from Rs 94,999 to Rs 1.85 lakh.
- TVS X: This premium electric scooter, priced at Rs 2.50 lakh, has yet to commence deliveries due to some issues, but it promises exciting features once available.
Upcoming Launches: What to Expect
During a recent investor call, TVS Motor Director and CEO KN Radhakrishnan announced,
“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.”
This exciting news indicates that TVS is not only focusing on its existing products but is also keen on innovating and capturing new market segments.
Possible Features of the New Electric Two-Wheeler
While specific details about the TVS new electric two-wheeler are scarce, reports suggest that it may be positioned in the more affordable segment. Speculations include the possibility of an electric version of the popular Jupiter or a new model named XL EV or E-XL, aimed at the B2B market.
The upcoming scooter is expected to cater to customers seeking a budget-friendly option, setting the stage for healthy competition against market leader Ola Electric, especially with their entry-level models like the S1 X.
TVS Electric Two-Wheeler: Market Position and Future Plans
TVS has set a capital expenditure plan of ₹1,200-1,400 crore for the current financial year, with around 70% allocated to developing new electric and internal combustion engine (ICE) two-wheelers. The company is not just focused on product development but also emphasizes enhancing its digital capabilities and infrastructure.
Radhakrishnan commented on the company’s measured approach to product launches, stating, “We time the launches. We want to make sure we grow ahead of the industry. It is a very measured call.” This suggests that TVS is keen on strategic growth, ensuring that it does not rush into the market without adequate preparation.
Current Market Trends in Electric Two-Wheelers
The penetration of electric two-wheelers in India is still in single digits, indicating a vast untapped market. Automakers like TVS see significant growth potential in this segment, especially with increasing environmental awareness and government incentives for EV adoption.
Conclusion: Looking Ahead to 2025
TVS Motor Company’s plans to launch a new electric two-wheeler by March 2025 are indicative of its commitment to leading the charge in the electric vehicle sector. With existing products like the iQube and the soon-to-launch X, TVS is poised to expand its market presence even further.
With the introduction of the TVS new electric two-wheeler, the company is set to play a pivotal role in the future of electric mobility in India. Stay tuned for more updates as TVS continues to innovate and expand its electric vehicle offerings.
Read also: Electric Flying Taxis in Bangalore: Let’s Enter into the Future
FAQs
1. When will the new TVS electric two-wheeler be launched?
The new model is expected to launch by March 2025.
2. What are the current electric models offered by TVS?
TVS currently offers the iQube and the premium TVS X electric scooters.
3. What is the price range for the TVS iQube?
The iQube is priced between ₹94,999 and ₹1.85 lakh.
4. What features can we expect in the new electric two-wheeler?
While specific features are not yet disclosed, it is anticipated to be positioned in the affordable segment.
5. How many electric scooters has TVS sold in the first half of the financial year?
TVS has sold 1.27 lakh electric scooters, generating revenue of ₹1,600 crore.
