TVS Motor Co Plans Global Expansion of Electric 2-Wheeler Sales: CEO
TVS Motor Company plans to expand the sales of its electric vehicles to both developing and developed markets, betting big on India's potential to emerge as a major export hub for electric two-wheelers, according to Director and CEO KN Radhakrishnan. The company will leverage on its plant in Indonesia to cater to other neighbouring markets in the ASEAN region, where it has started selling its electric scooter TVS iQube last year, he told analysts.
In the first quarter of this fiscal TVS Motor Co sold a total of 52,000 units of electric two-wheelers, as against 39,000 units in the same period last year.
"We strongly believe that India will emerge as a major export hub for two-wheeler EVs. With the continuous improvement in the EV supply chain and infrastructure, we are confident that we will continue to be a strong player in the EV segment," Radhakrishnan said.
He further said, "As far as we are concerned, we will definitely start exporting our EV products to ASEAN markets and already (conducting) advanced testing and everything is done there. So, it will start." The company has a well-planned product lineup for electric mobility and it will be launching some of them soon, he said, adding "last year, we started TVS iQube to ASEAN and Asian markets".
Radhakrishnan said TVS has its own plant in Indonesia and has some local sourcing and the advantage of ASEAN FTA will also help the company to export from there to other nations of the bloc. "... We will definitely leverage our EV products from Indonesia to other markets," he added.
When asked if the company would make significant upgradation to the Indonesian facility for rolling out EVs from there, he said, "We have a good plant and facilities are there. There may be some specific investments related to EVs... but there may not be a big challenge. So, (for) EVs, if there is something required, we will definitely look at it." On the sales network expansion of electric two-wheelers in India, he said, "Month after month, we are reviewing and then we are supporting this with the current network. We have a strong network of main dealers and sub dealers in India. So, we will keep expanding that." Radhakrishnan said the company's iQube is currently sold through about 750 dealers covering over 450 cities in India.
