NEW DELHI: TVS Motor on Thursday launched its first electric three-wheeler cargo as it looks to enhance its presence in the fast-growing segment.
The automaker said that its new model - TVS King Kargo HD EV – is engineered for the evolving needs of the urban and semi-urban logistics segment. The vehicle is priced at Rs 3.85 lakhs and comes with a driving range of 156 km.
The company also showcased the TVS King Kargo HD CNG variant, which ill be launched before the end of the calendar year 2025.
"Coupled with the TVS Connect Fleet, the vehicle will empower businesses and also improve the everyday life of operators. With the TVS King Kargo HD EV, we are confident of redefining customer expectations and enabling them to achieve more, every day, effortlessly," said Rajat Gupta, Business Head – Commercial Mobility, TVS Motor Company.
He stated that electric 3W sales stood at about 20,000 units last year, which is approximately 31 % of the overall 60,000-unit three-wheeler market. With the new launch, Gupta said that they are targeting a 'significant' market share in the e-3W space.
He noted that electric models are witnessing robust acceptance and the segment is likely to account for 60% of the overall three-wheeler market by 2030. The domestic three-wheeler (cargo) segment currently does sales of about 10,000 units per annum, with diesel trims accounting for 50% and the rest 25% each of CNG and EV models.
"We expect that by 2030 60% of the three-wheeler market will be EV. All the fuels will coexist, okay, but majorly, 50-60% market will be EV," Gupta said.
In the first phase, the TVS King Kargo HD EV will be available across key markets including Delhi, NCR (Faridabad, Noida, Gurgaon, Ghaziabad), Rajasthan and Bengaluru. The company will then launch the model in Gujarat and Maharashtra in the coming months.