Industry

TVS Motor puts EVs on hold

Steady pace: The two-wheeler industry is expected to post 10% growth in 2018-19, says Venu Srinivasan.   | Photo Credit: Bijoy Ghosh

TVS Motor Company Ltd., has put electric vehicles on the back burner and will instead, roll out vehicles compliant with BS VI emission norms, said a top official.

“BS VI is going to be the next major disruption,” said Venu Srinivasan, CMD, TVS Motor. “We are well equipped to meet the new norms six months ahead of the date set by the Centre and the Supreme Court.”

‘Research on EVs’

Addressing shareholders at the 26th annual general meeting, Mr. Srinivasan said research was being carried out with regard to electric vehicles. “There is no need to roll it out now as it does not make economic or commercial sense,” he said. Significantly, at the AGM last year, Mr. Srinivasan had dwelt on plans to roll out hybrid vehicles by December 2017 and e-vehicles by February or March of 2018. The auto major had also showcased an e-vehicle at the Delhi Autoshow in February.

At the AGM on Tuesday, he said the focus was now on BS VI emission norms. “Electric vehicles doesn’t make any economic or commercial sense now. So, the focus will be only on BS-VI. It is the biggest challenge for 2018-19. No country has moved from BS-IV to BS-VI directly. Globally and environmentally, we will be on par with others.” On hybrid vehicles, he said the company ‘continued’ to work on hybrid technology, which had reached a mature state, and advanced brake systems technology for improved safety.

The two-wheeler industry was expected to post 10% growth in 2018-19 , but a major competitive threat would be BS VI implementation, he said. “We need to keep rolling out new vehicles to keep the excitement around the brand. We are targeting 16% market share. A major thrust would be given to grow exports further,” he said.

On the firm’s Indonesian venture incurring a ₹850 crore loss, he said it would break even next year.


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Printable version | Sep 21, 2021 3:50:39 AM | https://www.thehindu.com/business/Industry/tvs-motor-puts-evs-on-hold/article24626666.ece

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