TVS Motor will ramp up production of iQube and enter international markets: MD Sudarshan Venu

Sudarshan Venu, Managing Director of TVS Motor said that there is a huge potential and revival in the international markets for both iQube and TVS X

TVS Motor entered the electric two-wheeler market in 2020 with the iQube and its sales have crossed the 1.5 lakh unit mark as of 2023. At a price of Rs 1.23 lakh to Rs 1.38 lakh, on-road Delhi, the iQube rivals the Ather 450X and the Bajaj Chetak.

This helped TVS scoop up a larger market share in the EV ecosystem that is dominated by players like Ola Electric, Ather and Hero Electric.

Last week, TVS launched its second electric vehicle called the TVS X with a total capital expenditure (capex) of Rs 250 crore. The new TVS X is priced at Rs 2.49 lakh and is available for bookings as of August 24 and deliveries across 15 cities will start from November 2023 in a phased manner.

At present, TVS Motors holds more than a 20 percent market share and is the second largest player in the electric vehicle market and is looking to ramp up production of iQube from 10,000 scooters a month to around 25,000 to 30,000 scooters a month as well as enter the international markets.

Sudarshan Venu, Managing Director of TVS Motor, spoke exclusively to Moneycontrol on the priorities of TVS, ramping up production of iQube and the company’s global aspirations. Edited excerpts:

You have been the second largest market share holder with iQube, how do you see that changing with your new model called TVS X?

I think this is a representation of TVS’ vision to transform the quality of life. It shows the capability and the investment that the company has made to demonstrate what the brand stands for. The new launch is really thrilling and has some technology changes that are very industry-first and will really be a game-changer in the EV ecosystem, for example, we have video streaming, gaming, and more.

Tell us more about how the product stands out from its peers and what is the total investment of making TVS X?

We have created a category-defining unique electric vehicle. We call this ‘Born-Electric’ as most of the design and parts are made in-house, within TVS’ facilities including the electric, electronic architecture, the aluminium swing arm, and the whole connectivity model. In order to create all this, we have invested close to Rs 250 crore.

Your peers are launching affordable two-wheeler EVs and some are looking at super bikes and cars. What is TVS’ product roadmap for the next two to three years? 

Each company has its own strategies, but for us, we are looking at products between 5 and 30 kilowatts and a bunch of products in that space, both two-wheelers and three-wheelers. We launched iQube first. Now, we have TVS X and we will see some more coming up in the very near future. We already have an electric bicycle and we are looking at more three-wheeler models as well.

TVS is also one of the largest players in making internal combustion engines or ICE vehicles. As the company ramps up production of EVs will there be a shift in strategies within TVS? 

I don’t think it is a question of EVs vs ICE, it is EVs and ICE. We, in fact, see market demand growing stronger for both EVs and ICE vehicles. As a player in both, we will continue to invest in both vehicles.

From a business growth point of view, what are your top three priorities for TVS Motors? 

We are betting very big on the growth of the Indian market and we are really excited about this. We are gaining a very healthy market share in India both in premium and 125. iQube is doing really well and we are in fact ramping up iQube to a further 25,000 - 30,000 units a month.

Are you looking to enter the international markets, if so, what are the countries that are attractive? 

Yes. Apart from the growth story in the Indian market, we see huge potential and revival in the international markets for both iQube and TVS X. Neighbouring countries will be the immediate focus, which includes Nepal, Vietnam, and Indonesia. Europe is also seeing a huge revival of EVs.