TVS Motor Company anticipates that a significant share of its two-wheeler sales will be attributed to electric vehicles (EVs) in the coming years. Managing Director Sudarshan Venu shared that the company aims for 25-30% of total sales to be EVs within the next two to three years.
In line with this vision, TVS is committed to investing INR 5,000 crore towards the development of future technologies, products, and digital capabilities. The company experienced a remarkable 101% growth in EV sales in FY24, selling 1.94 lakh units.
To further cement its position in the EV market, TVS plans to introduce another electric scooter this year, expanding its current portfolio that includes models like the iQube and TVS X. Additionally, the company is considering entering the electric bicycle and cargo three-wheeler segments to offer a comprehensive range of EV products.
With the rise of e-commerce and evolving logistics, Venu highlighted the potential for electric three-wheelers, particularly in urban areas. He emphasized the growth opportunities for EVs and CNG-powered vehicles in cargo and passenger applications.
Looking ahead, TVS will continue to invest in its EV business, leveraging partnerships to enhance battery technology and deliver top-tier solutions to customers. The company’s focus on in-house development of EV technologies, along with a dedicated team of engineers, underscores its commitment to driving innovation in the electric mobility sector.
Frequently Asked Questions (FAQs) Related to the Above News
What is TVS Motor Company's target for electric vehicle (EV) sales in the next two to three years?
TVS Motor Company aims for 25-30% of its total sales to be attributed to EVs within the next two to three years.
How much does TVS Motor Company plan to invest in the development of future technologies, products, and digital capabilities?
TVS Motor Company plans to invest INR 5,000 crore towards the development of future technologies, products, and digital capabilities.
What was the growth rate of EV sales for TVS Motor Company in FY24?
TVS Motor Company experienced a remarkable 101% growth in EV sales in FY24, selling 1.94 lakh units.
What new electric vehicle is TVS Motor Company planning to introduce this year?
TVS Motor Company plans to introduce another electric scooter this year, expanding its current portfolio that includes models like the iQube and TVS X.
What other segments of the electric vehicle market is TVS Motor Company considering entering?
TVS Motor Company is considering entering the electric bicycle and cargo three-wheeler segments to offer a comprehensive range of EV products.
What growth opportunities does TVS Motor Company see in the electric three-wheeler market?
TVS Motor Company sees growth opportunities for electric three-wheelers, particularly in urban areas, with the rise of e-commerce and evolving logistics.
What is TVS Motor Company's approach to developing EV technologies?
TVS Motor Company focuses on in-house development of EV technologies and leverages partnerships to enhance battery technology and deliver top-tier solutions to customers.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
