TVS Motor expects swift recovery from second Covid wave, poised for growth

TVS Motor says that it will make the most of the consumers' preference for personal mobility options amid ongoing pandemic.The company also expects export of two-wheelers to see a growth during the year.
By : HT Auto Desk
| Updated on: 06 Jul 2021, 03:35 PM
File photo: TVS iQube e-scooter
File photo: TVS iQube e-scooter
File photo: TVS iQube e-scooter
File photo: TVS iQube e-scooter

Two-wheeler manufacturer TVS Motor Company is confident about recovery from the second wave of coronavirus pandemic as it is now better prepared to tackle issues related to supply chain. The company believes that appropriate response from government authorities to deal with the pandemic will also aid its swift recovery.

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In its Annual Report for 2020-21, the company informed its shareholders that it is well poised for growth as it will make the most of the consumers' preference for personal mobility options amid ongoing pandemic. "Despite the rising second wave of active cases, the company remains confident that adverse impact would be lower and bounce back swifter," it said.

(Also read | TVS Motor Company sells 238,092 units of two-wheelers in June)

The cautious optimism by the two-wheeler major is built upon two main factors. One is its own preparedness with regard to supply chain and the other is the belief that responses from concerned administrations would be far more measured and targeted. It also expects that the ongoing widespread vaccination drive will help break the chain of transmissions.

TVS Motor also expects export of two-wheelers to see a growth during the year as economic and political situations get stability in all operating geographies. "Stable crude oil prices will have a positive impact on export market growth in oil dependent economies of Africa and LATAM," the company added.

(Also read | TVS iQube electric scooter launched in Chetak Electric's home turf of Pune)

However, the company noted that shortage of semiconductors and containers could pose major challenges going ahead for the exports. "Semiconductors form a critical component in two-wheelers too. The shortfall of semiconductors is likely to continue and pose a risk in meeting the production demand," it informed.

Apart from these, the company informed in its Annual Report that it looks forward to the move towards alternative-energy based solutions and promote green mobility. TVS Motor currently has iQUBE electric scooter in its green mobility portfolio. The company will expand the accessibility of the e-scooter to 20 more cities in the year.

(with inputs from PTI)

First Published Date: 06 Jul 2021, 03:35 PM IST
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