TVS Motor Co expects EVs to account for 25-30% of its two-wheeler sales in next 3 years: MD Sudarshan Venu

The company is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.

TVS Motor Company expects electric vehicles to account for 25-30 per cent of its total two-wheeler sales in the next two to three years, said Managing Director Sudarshan Venu.

The company is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.

They had earlier reiterated its commitment to invest Rs 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities.

"EV sales will only go up...We believe that 25-30 per cent of TVS' (two-wheeler) sales will be EV (electric vehicles) in two to three years' time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them," Venu told news agency PTI.

Venu said TVS will bring another electric scooter this year to add to its existing portfolio of iQube and TVS X, while asserting that the company's EV presence will be across both scooters and motorcycle segments.

In FY24, the company's EV sales grew by 101 percent at 1.94 lakh units as against 97,000 units during 2022-23. TVS sold 19.9 lakh units of motorcycles and 15.7 lakh scooters.

For electric motorcycles, he referred to the 'TVS Racing Electric One Make Championship' for which the company developed TVS Apache RTE (Racing Throttle Electric) race motorcycles as a sign of things to come in the segment.

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"We may look at electric bicycles and electric cargo three-wheelers. We will have a full range of products," he said. He added that electric three-wheelers have a huge opportunity and it would grow fast particularly in urban areas.

Venu further added that as e-commerce and logistics improve there is a greater opportunity for three-wheeler cargo applications in addition to passenger applications for both EV and CNG.

When asked about future investments for EV, Venu said, "We have already announced investments and we will continue to build this business. The investment momentum that you have seen in the last few years from our side will continue going into the future as well."

With the battery technology rapidly evolving, he said TVS has partnered with "the best globally on the cell side to ensure that we give the best option to customers each year".

The company has been focussing on in-house development of a slew of technologies for electric vehicles, he said, adding while a large number of engineers have been committed to EV, it would also continue to strengthen in software, analytics, digital and AI going forward.

Sudarshan Venu, son of Venu Srinivasan, took over the post of  Managing Director in May 2022.

TVS Motor Company saw its fourth-quarter net profit rise 18 percent to Rs 485 crore in the March quarter, aided by robust volumes, healthy product mix, better pricing and benign commodity costs.