Encouraged by the roaring success of its flagship iQube electric scooter, TVS Motor is stepping up its EV game with the planned launch of several models in this segment, including the much-awaited TVS X in the current quarter.
“TVS X is set to definitely redefine the way we look at electric scooters globally,” said KN Radhakrishnan, CEO, TVS Motors, adding that deliveries will start either this month or the next.
The company has already started manufacturing TVS X and expects the model to further boost consumer trends towards the electric scooter category.
“Designed, developed and made in India, TVS X will lead the way to become a global benchmark for a machine that is borne electric..it is trill electric…India is still the most important market, it is the first market for any premium or super premium products,” Radhakrishnan said.
TVS Motor expects the design to work well with the customers both in Indian and global markets. However the company CEO stressed that India will always remain to be the most important and prioritized market for the group.
Apart from X, the company is also set to launch a series of e-scooters to cater to the burgeoning demand in India and abroad, given rising fuel prices and consumer preference towards greener options amid climate crisis. The products, to be launched over the next one year, will have power ranging from 5- 25 kW, compared to a peak power of 11 kW for X.
Zooming Sales
The company’s lone EV model, the iQube, has in recent months emerged as the second largest selling electric scooter in India, with an estimated market share of 22%. In comparison, the market leader, Ola Electric, commands about 30% of the market.
TVS introduced iQube in January 2020, but started making a big impact only after it updated the model in May last year.
Soon after the upgrade, monthly sales zoomed from around 2,000 units to 10,000. The uptrend continued in 2023, with monthly sales hitting a record of 23,887 units in August this year, which was around 20% higher than what the market leader Ola Electric sold in that month.
Radhakrishnan said the company intends to keep the momentum going, with iQube production being ramped up to 25,000 per month during the last quarter.
“We have surpassed the 2 lakhs unit [cumulative] sales mark...continuously growing in market share as well..iQube continues to receive very positive customer feedback across all markets and continues to improve sales and market position consistently over the past five quarters,” said Radhakrishnan.
He said the product will be taken to “the next level” in terms of sales in coming months.
He said the company had 337 iQube outlets as of September and was continuously expanding.
In addition, TVS Motors also plans to take iQube to new markets.
“In the next few quarters iQube will be made available in several international markets..at some point it will also get into European markets.,” Radhakrishnan pointed out.
He said the success of this product can be attributed to its customer friendly features including its similarity to the company’s recent launch Jupiter 125.
“iQube is a jupiter.. the customer gets all the benefits of a Jupiter 125 with a completely connected EV..,” Radhakrishnan explained.
At the same time, he did not seem overly concerned about iQube cannibalizing Jupiter sales and believes EVs will expand the overall scooter market.
“Currently, among two wheelers, scooters have a category [market] share of 30-32%, with EV in scooters I'm expecting this 32% to grow further. iQube will only help Jupiter to grow faster and better,“ he said.
Going forward, the company is also planning to introduce electric powered three wheelers in both domestic and global markets. The company CEO pointed out that “the product is getting ready.” Currently, Mahindra & Mahindra dominates this space with its electric autorickshaws.
Though a major player in the automobile industry in India, TVS Motor along with Bajaj, Hero and Honda were a little late to the Electric Vehicle market, giving an opening to players like Ola Electric and Ather.
“We will continue to invest in the EV as it is something for the future,” the CEO said.