TVS Motor Company, the flagship of $8.5 billion TVS Group, on Thursday said though the company offers a wide range of products from mopeds to scooters to premium motorcycles, there was still a few spaces that the company needs to enter. Venu Srinivasan, chairman of TVS Motor, told shareholders at the AGM that the company will launch products in the mid- to-premium segment, which according to him was the gap that needs to be filled and was one move that will also lead to volume growth.
TVS is also making big moves on the EV front, it has earmarked `1,000 crore for the development of a full range of electric vehicles (EV) portfolio. The company has deployed over 500 engineers to work on different product designs and the vertical will operate as a separate division.
Sudarshan Venu, joint managing director of TVS Motor, while answering shareholders’ queries at the AGM, said: “I think EVs are going to be very important for our future and something that the company is investing behind. We have earmarked over `1,000 crore to invest in electric vehicles, some of these investments have already been made. We are working on a complete range of EVs, from 5 to 25 kW.”
To cover different segments of the market, the company intends to have a complete portfolio of products of two-wheelers and three-wheelers. These products will cover commuters, premium, delivery and shared-mobility segments. “Over 500 of the best engineers of TVS Motor are already working as a separate division and focus on this future market,” he said.
Pointing out that customer acceptance of EVs will depend on various factors including fuel prices, government support, charging infrastructure and technological advancement, Sudarshan said that TVS is investing to be future-ready.
“We would like to play a leading role in this transition both Indian as well as world markets and make world-class products as we have been doing in ICE (internal combustion engine) space as well,” he said. The company has an e-scooter iQube which has been launched in markets like Delhi, Bengaluru and Chennai. The company plans to roll out more e-products in the coming days.
Venu Srinivasan said the company has established a separate vertical for electric vehicles. EV adaption in India is being accelerated with significant policy interventions and rising fuel costs. The company is aggressively ramping up to establish its dominant presence in the EV segment.
On the international front, he said the company’s fully owned subsidiary in UK, Norton Motorcycles has created a new facility that will focus on producing high-end motorcycles and plans to commence sales in the current financial year.
K N Radhakrishnan, director & CEO of TVS Motor said the company plans to launch two new products for the domestic market and a new product in the international market. These will be in addition to the EV products the company is going to launch.
“Post Covid second wave, we are seeing a revival in the domestic market, the dealer openings are much better now and we expect this to improve further due to intense vaccination and Covid appropriate behaviour,” he said.
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