TVS Motor plans to expand EV sales in global markets
TVS Motor is planning to expand the sales of its electric vehicles across global markets soon. The Indian two-wheeler manufacturer aims to use its Indonesia facility to manufacture electric scooters for South East Asian markets.
According to the manufacturer, its electric vehicles have potential to make its mark in both developing and developed markets. TVS hopes its move will help make India emerge as a major export hub for electric two-wheelers.
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TVS Motor currently offers the iQube and X electric scooters in its lineup in India. In global markets, it sells the iQube electric scooter which is also manufactured at the two-wheeler maker's Indonesia factory, its only facility outside India. Using the Indonesian plant, TVS Motor aims to capture the EV market share in the Association of Southeast Asian Nations (ASEAN) region. The iQube electric scooters are already available in these countries.
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TVS Motor has already sold 52,000 electric scooters in the first quarter of the ongoing financial year. It is a major jump over the 39,000 units the company sold during the same period last year. The iQube electric scooter is the best-selling electric vehicle from the two-wheeler giant.
Speaking on manufacturer's expansion plans for the global markets, KN Radhakrishnan, Director and CEO at TVS Motor, said, “We strongly believe that India will emerge as a major export hub for two-wheeler EVs. With the continuous improvement in the EV supply chain and infrastructure, we are confident that we will continue to be a strong player in the EV segment." He also said that the company has the advantage of ASEAN Free Trade Area (FTA) as well as local sourcing to boost export from Indonesia to other nations. The ASEAN includes countries like Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam besides Indonesia.
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Radhakrishnan also said, “As far as we are concerned, we will definitely start exporting our EV products to ASEAN markets and already (conducting) advanced testing and everything is done there. Last year, we started TVS iQube to ASEAN and Asian markets." The EV maker launched the X, its second electric scooter in India, in August last year. It is expected that the two-wheeler manufacturer will also start exporting the electric scooter to other countries soon.
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