myTVS Enters EV Mobility Market, Plans to Add 10,000 Electric Two-Wheelers by March 2025
Digital automotive aftermarket platform myTVS on Monday said it will add 10,000 electric two-wheelers to its fleet by March next year for its new venture 'Mobility-as-a-Service' offered to last-mile electric vehicle operators. The company, part of the TVS Mobility Group of the TS Rajam branch of TVS family, has partnered with MoEVing, an EV-based logistics firm to start Mobility-as-a-Service (MaaS) to provide end-to-end vehicle management solutions.
Group firm TVS Vehicle Mobility will invest up to Rs 150 crore for the acquisition of 10,000 electric two-wheelers.
"The opportunity window is that 10 lakh vehicles have to be electrified in the next 5 to 10 years in the e-commerce space...but we see an immediate need of having to do at least 10,000 vehicles...by March," myTVS Managing Director G Srinivasa Raghavan told reporters here. The 10,000 vehicles will be electric two-wheelers, he added.
When asked how much investment will be required to add those new vehicles, he said it will be anywhere between Rs 100 crore and Rs 150 crore, which will be made by group firm TVS Vehicle Mobility alone or with its partners.
He said the company has started with the first rollout of 250 vehicles of electric two-wheelers and around 50 light commercial vehicles (LCVs).
Bullish on the new venture, Raghavan said, "We believe that given the quantum of opportunity with more than a million vehicles which has to be electrified in the e-commerce phase in the next 5 to 10 years, we are well positioned to provide a solution which is differentiated, unique and has inherent value to the free to us." He said the company's 'MaaS' platform has been designed to meet the evolving needs of both personal mobility and fleet customers delivering efficiency and sustainability.
MoEVing CEO Vikas Mishra said, "The launch of 'MaaS' platform by myTVS addresses a critical need in the market, offering a comprehensive solution... By leveraging myTVS' extensive network and technology this collaboration will allow us to provide customers better service while expanding our national footprint." The company provides aftermarket services to vehicles across brands and has over 1,000 service centres across India with over 10 lakh customers.
