Multibrand TVS Motors riding high on new products

One of the most innovative 2W makers in India expects to produce 10,000 units of the iQube electric scooter in November 2022 and targets 25,000 units by March 2023. Mayank Dhingra has the details.

- Mayank Dhingra

India's third largest two-wheeler maker, TVS Motor Company, has said that its growth, in both domestic and Linternational markets will be better than industry. The company is also ramping up EV capacity to meet its target of 25,000 units by March 2023. TVS Motor has set aside investments worth Rs 750 crore for its EV business.

During the Q2 post earnings call, K N Radhakrishnan, Director and CEO, TVS Motor said that market sentiments for all the company's products have been very positive. "We are optimistic that the demand in the domestic two-wheeler market will continue. With our product range, premiumisation, new product line-ups and other measures, our growth will be better than that of the industry-in both domestic and international markets," said Radhakrishnan. And it's no secret that overseas markets like Africa, South-East Asia, the Indian subcontinent, Central and Latin America among several others have also been impacted due to external macro-economic factors like the ongoing Russia-Ukraine war, currency fluctuations, slowdown in the customer sentiments among other cited factors.

Riding on the EV wave

On the electric vehicle segment, Radhakrishnan said, iQube is ramping up well, with around 8,000 units wholesale registered in October 2022 (2QFY23 - 16,000 units). The company expects to produce 10,000 units of the iQube in November 2022 and targets 25,000 units by March 2023. iQube has around 25,000 open bookings and is sold across 100 cities and towns in India.