Companies

TVS Motor to develop electric vehicles in 5-25kW range

G Balachandar Chennai | Updated on July 29, 2021

Venu Srinivasan, Chairman   -  The Hindu

Will introduce 2 new vehicles in traditional segment this fiscal

Leading two and three-wheeler maker TVS Motor Company said its 500-odd engineers are working on developing electric two- and three-wheelers across categories both for domestic and international markets, while outlining its FY22 plans which include launch of two new products in the traditional two-wheeler segment.

Ramping up presence

“EV adoption in India is being accelerated through significant policy interventions and rising fuel costs. TVS Motor Company is aggressively ramping up to establish its presence. While we have established a separate vertical for EVs and have committed ₹1,000 crore in establishing a dedicated and scalable EV facility, more than 500 engineers are working on design and concepts for launching EV products both for domestic and international markets,” said Venu Srinivasan, Chairman, while addressing shareholders virtually.

He also said though TVS Motor offered a full range of products from mopeds to premium bikes, there were some gaps in the mid-to-premium segment and the company will enter those categories with new launches.

TVS Motor drives in NTORQ 125 Race XP at ₹91,537

Elaborating on the EV plan, Sudarshan Venu, Joint Managing Director, said, the company was working on a complete range of EVs — from 5kW to 25 kW — to cover commuter, premium as well as delivery and shared mobility segments. “We will have a complete profile of products for electric two and three-wheelers,” he added.

To maintain the momentum, the company plans to launch two new products this year. “These will be customer delighting products,” said KN Radhakrishnan, Director & Chief Executive Officer, adding, “we are also planning to launch new products for the international products, which have been stable and reporting good growth.”

TVS Motor launches its electric scooter in Chennai

Q1 results

The company reported a net profit of ₹53 crore for the quarter ended June 30, against a net loss of ₹139 crore in the year ago quarter when its production and sales were severely impacted due to Covid-19 lockdown.

Its revenue stood at ₹3,934 crore compared to ₹1,432 crore in June 2020 quarter. It reported an EBITDA of ₹274 crore against negative EBITDA of ₹49 crore a year ago. During Q1, the company incurred ₹30 crore towards Covid-19-related expenses.

Motorcycle sales stood at 4.05 lakh units (1.19 lakh units in Q1 of FY21), while scooter volumes were at 1.40 lakh units (0.82 lakh units). The company recorded highest two-wheeler exports in this quarter at 2.90 lakh units (0.70 lakh units).

Published on July 29, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like