With the iQube, TVS Motor has marked a strong presence in EV segment. The company will focus on offering different products under the iQube brand to consumers
TVS Motor Company has said it further intends to consolidate position as a leader in the electric vehicle (EV) segment through relevant product offerings and by increasing the company’s network presence across the country. The company has achieved 19% market share in the highspeed electric scooter segment in FY 2021-22.
According to company’s Annual Report 2021-2022, the PLI and FAME- II initiatives of the government will be fully leveraged by TVS Motor and will strategically build a sustained dominant play in this segment. It has set up an EV vertical to rapidly ramp up its product pipeline and presence globally.
The report said the industry is slated to grow rapidly and the company has robust plans for this segment. 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.
With the iQube, TVS Motor has marked a strong presence in EV segment. The company will focus on offering different products under the iQube brand to consumers, so that they have access to latest technology and connected commuting experience at an affordable price.
Over a period of two years since launch, the iQube has expanded its presence to 33 cities and 74 dealers across India that offer sales and after-sales service for iQube.
The company continued its expansion in its EV footprint and the buildout of the infrastructure as this category gains momentum. It has created a dedicated vertical with over 600 engineers and adopted the centres of competency (COCs) with agile working approach.
The EV 2W industry predominantly operates in the scooter form, and today is 10% of the total scooter ndustry (ICE + EV). TVS has sold more than 10,000 EV vehicles in 2021-22 with a geographical presence equivalent to 50% of the EV industry. Further, there have been alliances and joint initiatives with partners like TATA Power, JIO BP, BESCOM, among others, to expedite the creation of the charging infrastructure, it said.
Any further price increases due to additional commodity cost escalation could adversely impact demand. The low- and mid-segment of the market have low headroom for further price increases, it said.
On the overall outlook, the company said due to the strong product line-up, unwavering focus on consumer, quality, cost, and the strong new launches it is confident about outperforming the industry, inspite of the global challenges and a tough business environment.
Domestic moped and economy motorcycle segments have lately underperformed and are likely to return to growth, with some buoyancy expected in rural agriculture led markets. However, with considerable improvement in the urban markets across India, the company is positive about the performance of the scooter segment. This segment will see significant demand from students, working women and the broader replacement segment is likely to perform better in line with the re-opening of school, colleges along with offices.
Export of two-wheelers is likely to see growth during the year fuelled by strong demand for TVS products and due to its operations in diverse geographies that mitigates overall risk. Some of geographies which are agriculture dependent and have surplus of crude oil will act as a hedge against the countries which may face adverse impact due to high fuel and food prices,it added.