CHENNAI: Two-wheeler major TVS Motors is expanding its international presence as the company strengthens its electric vehicle offerings. The company recently announced its entry into European markets through distribution partnership. Its premium electric and internal combustion engines (ICE) range will be introduced in France next month and eventually expanded into select EU markets.
Focus will be on countries with strong two-wheeler demand. Jupiter 125, NTORQ, iQube S, TVS X, Ronin, Apache RR 310 and Apache RTR 310 will be available in Europe.
TVS already has a presence in South-East Asia and in African and Latin American markets. Exports contribute 25% of its business and is currently exporting to more than 80 countries.
The Chennai-based original equipment manufacturer with its sole electric offering iQube touched the second spot in highest-selling scooter after Ola electric this year.
The company has bigger bets in the EV market with the ramping up capacity of iQube, eyeing to increase its domestic and international sales. Its latest EV offering TVS X, also eyes export markets in Latin America, Middle East, Europe, Southeast Asia, among other areas.
TVS plans further expansion of its EV portfolio with a plan to launch a series of products in the range of 5 to 25 kilowatts in the next year. TVS is set to release a new variant of iQube and electric three-wheeler, apart from newer offerings.
The company is yet to respond to the query sent by this newspaper related to international business expansion plans. TVS Motors currently is the third-largest two-wheeler brand in ICE, with about 17% market share in 2023, according to Federation of Automobile Dealers Associations (FADA) data.
The company’s volume is above 2.20 lakh units monthly on average. It has improved market share compared to 2022 while leading original equipment manufacturers Hero Motocorp and Honda Motors lost marginal shares in 2023.
iQube 2nd highest selling scooter after Ola this year
Chennai-based original equipment manufacturer with its sole electric offering iQube touched the second spot in highest-selling scooter after Ola electric this year. The company has bigger bets in the EV market with the ramping up capacity of iQube, eyeing to increase its domestic and international sales.