TVS Motor Company has said it will have a capex of Rs 900 crore to Rs 1,000 crore for FY24 for the development of electric and internal combustion engine (ICE) vehicles which will be rolled out during the financial year. As part of its EV push, the second largest two-wheeler company in the country is planning to launch a slew of EV products including electric three-wheelers and will be looking at international markets.
KN Radhakrishnan, director, CEO, TVS Motor, told a recent earnings call that the company is extremely happy on the progress of EVs. “We want to now launch many products in the EV segment, including the three-wheeler. This year is going to be a very important year because we will also start looking at some of the international markets.”
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He said that the company will continue to invest in new products in EV and ICE segments, both in two-wheelers and three-wheelers. On the capex plans, he said: “We always believe in investing in products. Raider or Jupiter 125 or iQube and you will see many more. Between ICE and EV, the capex will be close to Rs 900 crore to Rs 1,000 crore. Investments will be to the tune of about Rs 700 crore.”
TVS Motor is looking at rolling out a complete EV product portfolio of new products with attractive quality and technology. The company is confident about outperforming the industry, both in domestic and international market.
During Q4 of FY23, the company delivered 43,000 EVs resulting in a share improvement quarter-on-quarter. “Currently, our order book is close to 30,000 units. We are present in 235 touch points across 135 cities. We will be launching, as promised, a series of new products, focusing on different customer segments with a complete portfolio in the range of 5 kilowatts to 25 kilowatts in the next nine to 15 months,” Radhakrishnan said.
The electric three-wheeler, both in the passenger and cargo segments, which are getting ready, will be launched in the upcoming quarter. Currently, TVS EV customers have access to more than 2,000 charging points with various charging network players.
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He said TVS Motor has fully complied with all requirements laid down under the FAME policy documents. “We would like to reiterate that TVS has fully committed to the Government of India’s vision to promote electric mobility and fully supports the government of India initiative to enable faster adoption of electric mobility, development of electric vehicle ecosystem in spirit of Atmanirbhar Bharat, all the electric development happened in-house. TVS would like to submit that we are fully committed in building the electric ecosystem in India and always willing to render all necessary cooperation assistance to the government of India,” he said.