TVS Motor plans to expand globally, leveraging India as an EV export hub, with significant growth in ASEAN markets and upcoming launches.
Currently, TVS Motor is steadily advancing in the enhancement of electric vehicle sales in both the developing as well as developed countries. The Director and Chief Executive of the company is KN Radhakrishnan who has openly professed high optimism for India to act as the export hub for electric two-wheelers in the coming period. From the increasing investments that TVS is making in the supply chain and infrastructure for EVs, what Radhakrishnan sees is that the company will be able to sustain a healthy position in the EV market over time as the necessary improvements are in the process of occurring continually.
Leveraging International Markets
Focusing on its expansion plan within the ASEAN countries, TVS Motor is effectively using its plant in Indonesia. Last year, the company launched its electric scooter, the TVS iQube in these markets. It is part of India’s strategy to explore adjacent markets, thus contributing to India’s increased importance in the global EV market. The latest trends reveal that TVS has better sales figures; the company has sold 52,000 units of electric two-wheelers in the first quarter of the financial year 2024-25, while it has sold 39,000 units the previous year.
Product Lineup and Investments
The company ventured into the EV business with the iQube in January 2020 as a start. Further, TVS has also invested in some EV startups and bought stakes in important players such as Ultraviolette Automotive. In 2021, TVS along with a SaaS unicorn Zoho invested in Ultraviolette at a $200 million pre-money valuation.
The first EV products of TVS are now ready for export to ASEAN countries and the trial models have been developed. The company has mapped product portfolios well in the electric mobility segment and many products are due for launch shortly.
Market Trends and Industry Impact
The exponentiation in the electric vehicle market is encouraging, for total electric two-wheelers registrations in India stood at over 1 lakh in July. Ola Electric currently has the highest market share Of the company, which is estimated at 40% this shows how fast people are embracing the use of electric vehicles. Such expansion is in agreement with industry trends since TVS Motor seeks to expand its market in electric vehicles both in India and the global market.
Also Read
JSW MG Motor Targets 50% EV Sales by FY25 with 5 New Launches
About The Author
