TVS Motor Co. Ltd (TVSM) will be introducing new products both in the internal combustion engine (ICE) and electric-vehicle (EV) segments this year, CEO K. N. Radhakrishnan said.
“This year, you will see new products from the company both in ICE and EV [segments]. They are fairly in the advanced stages,” he said during a call with analysts.
According to him, the segment share of scooters will rise as it had ‘exponent’ advantage leading to expansion in this category in ICE and EV segments. Scooter category in the industry will further expand from 30%, 32% to 35% or 40% in the next five years as it provides a great opportunity to grow ICEs as well as EVs.
Stating they were constantly looking at white spaces, he said 2024-25 will be a very, very exciting year.
“Depending upon the usage, some people will prefer the EV, some people will prefer the ICE. So, we should be investing in both and making sure we capture this opportunity on both EV and ICE,” he said.
With the well-planned product line-up on EVs coupled with the continuous improvement in the supply chain and infrastructure, TVSM is confident of continuing to be a strong player in the EV segment, he said.
Mr. Radhakrishnan said that the capex for FY25 will be around ₹1,000 crore for ICE and EV. Most of it will be for development of new products.
