TVS Motor plans to step up EV offensive as its profit jumps nearly 30%

TVS Motor plans to speed up its rollout of electric vehicles, bringing more products to India, after the two-wheeler maker posted a nearly 30 percent rise in profit in the third quarter ended December. TVS now plans to expand its line of iQube electric scooters this year and launch a new range of electric vehicles over the next three quarters. TVS Motor’s operating income up 15% ¥65.45 billion in the previous quarter, higher than ¥It was 57.06 billion in the same period last year.Consolidated net profit rose 28% to ¥3.04 billion in the third quarter ended last month.

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Updated on:
January 26, 2023 at 11:07 am

TVS Motor hopes to expand its iQube product line by launching a range of products ranging from 5kWh to 25kWh within the next 12-18 months.

TVS plans to launch a range of products with battery capacities ranging from 5kWh to 25kWh. Mint quoted TVS Motor director and CEO KN Radhakrishnan as saying: “Our EV (electric vehicle) sales are growing significantly. We are doubling our electric scooter sales every quarter and will continue to do so in the fourth quarter. momentum. By the end of this fiscal year, we will have sold more than 100,000 units.”

The iQube electric scooter is currently one of the best-selling electric two-wheelers in China. Last month, TVS sold 11,000 electric scooters, getting closer to Ola Electric’s segment leader, the S1. In the past three months, TVS has delivered 29,000 iQubes, almost double the volume sold in the second quarter of 2022-23. iQube contributes about one-tenth of TVS Motor’s total sales in the country.

WATCH: TVS iQube Electric Scooter: Road Test Review

The two-wheeler maker plans to increase the production rate of electric scooters to meet high demand. “We have over 25,000 iQube pre-orders and we are adjusting our supply chain to fulfill those orders because demand is outstripping supply. But the supply chain is now supporting our growth. Our expansion will be to keep the dealer network and variants ready and expand the supply chain combined efforts,” the company said. The two-wheeler maker also plans to expand its footprint in the country. It currently has about 200 dealers across 110 cities in India.

First published date: January 26, 2023 at 11:07 am IST

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