TVS Motor Company seeks to build at least half a dozen strong brands in the electric vehicle (EV) segment as the company underpins its hopes on a ‘brand strategy’ of launching new products across segments to reap success like in the ICE (internal combustion engine) segment.

Even as the company is in the process of ramping up capacity and presence for of its EV iQube, in view of growing monthly sales of its electric scooter, “the priority is also to make iQube a super brand in its segment,” KN Radhakrishnan, Director & CEO, told analysts.

With a strong brand focus in the ICE segment, TVS Motor has been able to strengthen its presence in the higher cc motorcycle segment as also in the scooter category. Apache series of bikes has helped the company emerge as the leader in the above 150cc-200cc segment. Similarly, Jupiter is one of the top-selling scooters in the country and has helped the company retain its No.2 position in the market. Products such as StaR, Raider and Ntorq also created a niche in their respective segments.

“In segments like two-wheelers, brand plays in the minds of customers, who are actually not buying products but are buying brands. A strong brand gives confidence to prospective buyers. In an evolving segment like electric two-wheelers, a strong brand will definitely have a greater pull,” said a brand analyst.

Phased expansion

Meanwhile, TVS Motor appears to have reaped initial success with iQube. While every EV player came out with a range of electric two-wheelers to cash in on the transition, TVS focused on building the iQube brand since its launch in January 2020. While the product was well-accepted, the company followed a phased expansion to more cities as the charging infrastructure was getting developed.

In May this year, it introduced new variants of iQube with a higher range and more features. With just one model iQube, TVS has become the first among the legacy ICE players to securer a double-digit market share in the E2W space. In November 2022, it sold more than 10,000 units and secured a market share of about 11 per cent. In Q1 FY23, the company sold about 9,000 units only. It hopes to reach monthly production of 25,000 units by March 2023.

Meanwhile, Radhakrishnan also indicated that the company would soon come out with an electric bike, designed and developed by TVS in partnership with BMW Motorrad. “This is for the global market,” he added.

Exactly a year ago, TVS Motor and BMW Motorrad announced that they will launch nextgen and futuristic electric vehicles targeted at urban youth worldwide, an extension of their ICE sub-500 bike partnership. They had hinted that the first product out of the cooperation will be unveiled in a couple of years.

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