TVS has lined up capital expenditure of Rs. 700 crore in order to bring in new two-wheelers and increase its electric vehicle production this FY
For the current financial year, TVS Motor Company has reportedly lined up a Capex of Rs. 700 crore in order to bring in new two-wheelers and increase its production. The investments also include future mobility solutions as just like every mainstream brand, TVS is looking to consolidate its electric vehicle range with new products up in the pipeline.
So, when is a new TVS model coming in? The report further noted that by the end of the first quarter of this FY (April 2022 to June 2022 period), we could start seeing the Hosur-based manufacturer introducing a new model while a host of new zero-emission vehicles are also in the works. We do hope to know more about the upcoming products leading up to their launch timelines.
K N Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company, said, “In this financial year we will be launching a series of new products focussing on different customer segments.” He explained that the company is readying a new portfolio of two- and three-wheelers in the range of 5 kW to 25 kW and all of them will be made available within the next two years.
In recent times, the footprint of TVS’ first electric scooter, the iQube, has been expanded across the country and resultantly its sales numbers are growing thick and fast. So far, 12,000 units of the iQube have been sold. By the end of Q1 FY23, TVS will look to expand its electric vehicle manufacturing capacity to 10,000 units per month and it will be scaled up through the year.
Over the last few weeks, TVS announced a number of new investments in other establishments and strategic partnerships. Radhakrishnan further said that most of the technologies used in the eco-friendly and premium product space are developed in-house. According to him, the Raider and Jupiter 125 cc modes are enduring strong demand and only a few days ago, the XT variant of the Ntorq 125 was launched.
In the last FY, TVS sold 20.5 lakh units and had a market share of around 17 per cent amidst achieving its highest ever export tally of 10.9 lakh units.