NEW DELHI: Chennai-based auto major TVS Motor has set its sight on becoming a key player in the rapidly-growing electric three-wheeler market within the next three quarters.
On Monday, the company entered the segment with the launch of the King EV Max, priced at Rs 2.95 lakh. This launch follows TVS Motor’s collaboration with Korean automotive giant Hyundai Motor to explore the production of three-wheelers and micro four-wheelers for the Indian market.
Though TVS is a late entrant in the electric three-wheeler segment, it remains confident in its ability to replicate the success it has achieved in the electric two-wheeler space. “EV penetration in three-wheelers is moving very, very fast.
In the EV category, we would like to be a prominent player. I’ve not put any numbers but you have seen our EV numbers in the two-wheeler market. For us capacity is not a problem. We can ramp up pretty fast because we have the capability,” said K N Radhakrishnan, CEO, TVS Motor Company.
The CEO added that King EV Max is a complete TVS product and that discussions with Hyundai are going on and the vehicle is at a concept stage.
Rajat Gupta, business head of commercial mobility at TVS Motor, said going forward they will increase their product offering in the EV space and would launch electric cargos as well. Gupta informed that the company has been aggressively expanding its reach and this has helped them to increase their market share from 4.4% to 10% in the segment they operate.
As per Vahan data, of the total 1.22 million three-wheelers (across different powertrains) sold in CY2024, 56% of them were EVs. The prominent players in this segment were Mahindra Last Mile Mobility (MLMM), YC Electric, Bajaj Auto, Saera Electric Auto, Dilli Electric Auto and Piaggio Vehicles.
When asked reasons for the delayed entry, Gupta said. “We were waiting to know the pain points and address them. To understand this we took time and now we have launched a full-proof model.”
He added, “Last month, penetration of electric passenger vehicles in the three-wheeler space was 28%. Overall this year it is 22%. Next year it would be 40% and my understanding says it would be 100% by 2030.”
TVS’ King EV MAX claims to give a range of 179 km on a single charge, quick charging in just 2 hours and 15 minutes for 0 – 80% charge and 3.5 hours for 100% charge. The EV is powered by a 51.2V lithium-ion LFP battery and can do a top speed of 60 km/h. The vehicle initially will be available across select dealerships in UP, Bihar, J&K, Delhi and West Bengal. It will be available across the country in the coming months.