TVS Motor Expands EV Sales Globally, Eyes India as Export Hub

19 Aug 2024 , 01:19 PM

TVS Motor Company plans to expand its electric vehicle (EV) sales to both developing and developed markets, with a focus on making India a major export hub for electric two-wheelers.

Director and CEO KN Radhakrishnan highlighted the company’s strategic use of its Indonesia plant to serve neighboring ASEAN markets, where the TVS iQube electric scooter was introduced last year.

Shares of TVS Motor Company rose by over 0.29%, reaching ₹2607 at the time of writing on August 19, 2024 at 1:13 pm. TVS Motor Company stock has gained a total of 93% in the last one year, and almost 29% since the beginning of the year.

In Q1 of this fiscal year, TVS Motor sold 52,000 electric two-wheelers, a significant increase from 39,000 units in the same period last year.

Radhakrishnan emphasized confidence in India’s potential as a key export hub for two-wheeler EVs, citing improvements in the EV supply chain and infrastructure.

TVS Motor plans to start exporting its EV products to ASEAN markets soon, with advanced testing already completed. The company is preparing to launch new electric mobility products, with further expansion into ASEAN and Asian markets.

TVS’s Indonesia plant will play a crucial role in exporting EV products to other ASEAN countries, leveraging local sourcing and ASEAN FTA benefits.

The company does not anticipate major challenges in upgrading its Indonesian facility for EV production, although specific investments related to EVs may be required. In India, TVS is expanding its electric two-wheeler sales network, currently selling iQube through about 750 dealers in over 450 cities.