TVS Motor has recently released a statement on how the company is evaluating its various fund-raising options for its EV business. The company is planning to enter the electric 3W segment along with other segment products lined up to be launched in upcoming quarters. The company official stated that they already have a clear roadmap for its future EV plans and investments for the same. The company is also working towards transforming itself into a global brand by next year.
The CEO of TVS Motor, N Radhakrishnan, responded to the fund-raising step for its EV business. He said, “We are evaluating various options. The overall business decision, we’ll take a call.”
Its upcoming electric three-wheeler will help TVS expand itself in India and spread further in the international market. However, the company will begin its exports to the foreign land only after seeing success in the local market.
“Without satisfying the local demand, we don’t want to start it. So possibly next year we will see we’re getting into some of the markets,” said N Radhakrishnan.
And looking at the recent partnership between TVS and BMW, the brand could easily begin to spread itself into developing countries too. As of now, TVS Motor only has a single EV product iQube scooter, with 3 variant models that are being sold through their 200 outlets across the country.
The company has been witnessing a steep rise in EV sales quarter after quarter. In the first quarter of 2022, it sold 8,000 vehicles, and in the second quarter, the number increased to 16,000. It further rose to 29,000 in the next quarters, doubling sales number.
With an increasing and improved supply chain, the company will be able to set a tone for its EV transformation by FY 2024. In addition, it will further expand all over the country with iQube and other upcoming product launches.
TVS Motor expressed its interest in investing in Madhya Pradesh last month to expand its 2 and 3-wheeler expansion in electric and ICE vehicles. The company further plans to invest Rs 1,000 crore and produce over 2,000 direct and indirect jobs in MP.
TVS Motor saw a 22% increase in its profit after tax (PAT) for Rs 353 crore for the 3rd quarter of FY 2023 as compared to Rs 288 crore in the corresponding quarter of the last fiscal year. Furthermore, the company also witnessed a rise in its revenue by 15% at Rs 6,545 crore as against Rs 5,706 crore.
As everyone takes on the EV revolution, it will truly be a sight to see what TVS Motor will reveal what’s under their sleeves for the same.
Stay tuned with BikeJunction to get updates on the future plans of TVS Motors.
But before you go, did you know MS Dhoni recently bought a TVS Ronin Bike? Check out all the reasons why you should too!
Are you searching for a new bike? Explore bikejunction & compare your choice of bike, we will help you out with a bike loan. Select your bike according to category and other specifications on Bike Junction with just one click. Follow our news section or Social Media handles to get the latest news & updates related to the bike industry in India.
Follow us for Latest Bike Industry Updates
Facebook - https://bit.ly/BikeJunction_offl_fb
Instagram - https://bit.ly/BikeJunction_ofl_insta
Twitter - https://bit.ly/BikeJunction_ofl_twitter
Youtube - https://bit.ly/BikeJunctionYUT