TVS Motor Co MD: EVs to drive 2W sales by 25-30%
The company, which had earlier this year reiterated its commitment to invest Rs 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.
TVS Motor Company
NEW DELHI: TVS Motor Company expects electric vehicles to account for 25-30 per cent of its total two-wheeler (2W) sales in the next two to three years, according to Managing Director Sudarshan Venu.
The company, which had earlier this year reiterated its commitment to invest Rs 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.
“EV sales will only go up...We believe that 25-30 per cent of TVS’ (two-wheeler) sales will be EV (electric vehicles) in two to three years’ time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them,” said Venu.
In FY24, the company’s EV sales grew by 101 per cent at 1.94 lakh units as against 97,000 units during 2022-23. TVS sold 19.9 lakh units of motorcycles and 15.7 lakh scooters in FY24.