TVS Motor aims to build sustainable dominance in EV space, hints at new products
TVS Motor Company aims to build a sustainable dominance in the Indian electric vehicle market by leveraging the initiatives such as PLI, FAME-II etc. The automaker has revealed the strategy in its annual report for 2021-22. The two-wheeler giant has robust plans to scale up its operation in the electric vehicle segment.
As TVS has said, it aims to fully leverage the government initiatives such as PLI and FAME-II. Also, it aims to strategically build a sustained dominant play in the EV segment. The automaker further added that the EV industry is slated to grow rapidly and TVS has a robust strategy for this category. It has further revealed that under its strategic collaboration with German auto giant BMW, TVS will explore joint design and development of urban EV options for the global markets.
This indicates that TVS Motor Company and BMW Motorrad together will focus on developing electric two-wheelers for both domestic and international markets. TVS has already created a dedicated division for electric vehicles, which employs more than 600 engineers. It has also adopted Centres of Competency (COCs) with an agile working approach.
Speaking about the sales of its electric vehicles, TVS claims to have sold more than 10,000 EVs in 2021-22. This includes the auto company's electric scooter iQube, which was recently updated with more power and range and additional features.
TVS also hopes to outperform the overall industry in terms of sales growth on the back of new product launches and reviving economic activity. The company has said in its annual report for the last financial year that due to the strong product line-up, unwavering focus on consumer, quality, cost and the strong new launches, the TVS is confident about outperforming the industry, in spite of the global challenges and a tough business environment.