TVS Motor wants to create sustained dominant play in EV segment
TVS Motor Company stated that aims to create a sustained dominant role in the electric vehicle segment of the country. TVS wants to achieve this position by leveraging various government initiatives such as the production-linked incentive scheme. According to the automaker's annual plans, TVS has made strong plans to increase its role in the EV segment. As per a PTI report, the company said in a statement, “The PLI (Production-Linked Incentive) and FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) initiatives of the government will be fully leveraged by the company and strategically build a sustained dominant play in this segment."
TVS has created a dedicated vertical for its electric vehicle segment that includes over 600 engineers. The company has also adopted the Centres of Competency (COCs) for a more flexible work approach. In the year 2021-2022, TVS sold more than 10,000 electric vehicles. TVS also added, “In addition, with the strategic association with BMW, the company will be exploring the joint design and development of urban EV options for the global markets."
During its annual report, TVS stated despite the global challenges, the company's strong product line-up with focus on consumers, quality, cost and the new launches, the company remains confident about exceeding its expected performance in the industry. However, the brand did add that domestic moped and affordable motorcycle segments have underperformed in recent times though it is being expected to grow in rural agriculture-led markets.
TVS also stated that one of the challenges that can create an obstacle to growth is the rise in demand as it is highly dependent on improvement in consumer sentiment. “The improvement in sentiment is yet to fully recover to pre-Covid levels and could be impacted by inflation, especially energy and food led, and any significant adverse development in Covid situation," said the automaker.