TVS Motor plans to step up EV offensive as it clocks nearly 30% rise in profit

TVS Motor is planning to accelerate its EV push with more products lined up for India after the two-wheeler manufacturer clocked nearly 30 per cent increase in its profit in the third quarter that ended in December last year. TVS now plans to expand its iQube lineup of electric scooters this year with a new range of EVs coming up in the next three quarters. TVS Motor's operating revenue grew by 15 per cent at ₹6,545 crore in the last quarter, up from ₹5,706 crore during the same period last year. The consolidated net profit increased by 28 per cent to ₹304 crore during the third quarter that ended last month.

TVS is planning to launch a range of products with batteries ranging between 5kWh to 25kWh. KN Radhakrishnan, Director and Chief Executive at TVS Motor, was quoted by Mint saying, "We are significantly growing our EV (electric vehicle) volumes. We are doubling our electric scooter sales every quarter and will continue this momentum in the fourth quarter, too. We will cross more than 100,000 units in sales by the end of this fiscal."

The iQube electric scooter is one of the best-selling electric two-wheeler in the country at the moment. Last month, TVS sold 11,000 units of the electric scooter, inching closer to the segment leader S1 from Ola Electric. In the last three months, TVS has delivered 29,000 units of the iQube, almost double of what it sold in the second quarter of 2022-23. The iQube contributed to around one tenth of TVS Motor's overall sales in the country.

Watch: TVS iQube electric scooter: Road test review

The two-wheeler manufacturer plans to increase production rate of the electric scooter to meet the high demand. “We have more than 25,000 bookings for the iQube, and we are getting the supply chain aligned to fulfil these orders as demand is in excess of supply. But the supply chain is now supporting us in our ramp-up. Our ramp-up will be an integrated effort of keeping the dealership network and variants ready and ramping up the supply chain," said the company. The two-wheeler manufacturer is also planning to expand its footprint in the country. It currently has around 200 dealers spread across 110 cities in India.

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