TVS Motor’s bold EV play: What investors need to know
TVS Motor has undergone a transformative journey. This ability to understand and solve customer needs in markets globally and deliver satisfactory products, has emboldened the company to chart a bold new path. With a remarkable ability to weather economic fluctuations, TVS Motor has forged a reputation for resilience.
It is no wonder that investors turn to this stalwart during uncertain times. Beyond its financial success, TVS Motor is also recognised for its commitment to sustainability. TVS Motor Company, which unveiled its all-new flagship electric scooter, is aiming for strong global play with this high-on-technology EV.
To achieve this, TVS Motor is stitching a grand EV plan. Let's delve deeper into TVS Motor's plans for this groundbreaking endeavour. EV production target TVS Motor is all set to dispatch a record volume of more than two lakh scooters, based on its electric vehicle (EV) platform, in the current financial year.
This launch is strategically aimed at capturing the attention of a new segment of buyers. Starting from August 2023, the company plans on accelerating the production of the existing EV scooter, iQube, by an additional 25,000 units per month. The introduction of novel electric scooter models will also contribute to the overall EV production growth.
The company is targeting to produce 100,000 EVs in FY24, up from 50,000 units in FY23. Holding a 22% market share as of July, TVS Motor stands as India's second-largest two-wheeler EV company, trailing only behind Ola Electric. The company has invested nearly ₹2.5 bn in the development of the TVS X model.
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