TVS Motor Company Ltd., which is hopeful of selling one lakh electric vehicles (EVs) in FY23, has lined up several new products for introduction in the next 12 to 18 months, including an electric three-wheeler, said its CEO K.N. Radhakrishnan.
“FY23/24 will set the tone for EV transformation with the launch of a series of new EV products for different customer segments with a complete portfolio, offering between 5 to 25 kilowatts. It will also soon include an electric three-wheeler,” he said during an analysts call.
Asked for details, he said: “We will come up with products, which delight the customer. We focus on the customer usage. So, we will be for the customer, and we will be designing and developing products for the customer.”
Currently, TVS has only one product in EV segment iQube in three variants. In the first quarter, TVS sold 8,000 units, followed by 16,000 units in Q2 and 29,000 units in Q3.
“Quarter after quarter, company is significantly growing in the EV sales volume. Every quarter, the sales is practically doubling and this momentum would continue in Q4. We are confident of crossing more than 1 lakh in EV sales in the domestic market during this financial year,” he said.
According to him, EVs accounted for 10% of company’s domestic scooters volume in Q3. The company sold 53,599 units in nine months of FY23 against 5,207 units in the year-earlier period. As on date, it has an order book of close to 30,000.
Mr. Radhakrishnan said that all the three variants of iQube are doing extremely well in the market. After ramping up the production to meet the domestic demand, TVSM would enter the international market.
“We want now to leverage the supply chain and also the network to ramp it up to next to higher level. That is exactly the focus,” he said.
To a question on EV fund raise or EV business being spun off as a separate entity, he said they were evaluating various options and would disclose the details closer to the finalisation stage.