TVS Motors, a significant player in India’s electric vehicle (EV) sector with over 20% market share, has unveiled its latest electric two-wheeler offering, the TVS X. With a capital expenditure of Rs 250 crore, the company has ventured into the electric mobility landscape with an innovative approach. The TVS X, priced at Rs 2.49 lakhs, is now open for bookings and is scheduled to begin deliveries in a phased manner across 15 cities from November 2023.
Speaking from the launch event held in the United Arab Emirates (UAE), Sudarshan Venu, the Managing Director of TVS Motors, highlighted the uniqueness of the TVS X’s design. He noted that the vehicle’s distinct features are poised to attract the attention of Generation Z and Millennials, making it a pioneering addition to the EV market. Venu emphasized that the total capex allocated for the TVS X project is Rs 250 crore, reaffirming the company’s commitment to innovation and expansion.
Interestingly, this launch comes amidst TVS Motor Company’s decision to postpone its plans to raise funds for its electric mobility arm due to uncertainties prevailing in the EV sector. Notably, TVS had initiated discussions to introduce private equity investors, with an aim to secure funds in the range of $300 million to $350 million for enhancing production capabilities and introducing new EV models under the TVS Electric Mobility division.
Venu shared that TVS Motors aims to establish itself as a comprehensive player in the EV ecosystem, aiming to cover diverse segments. This includes expanding the range of three-wheelers and developing models catering to the Business-to-Business (B2B) sector, such as electric scooters for e-commerce and food delivery services.
He underlined the coexistence and growth of internal combustion engine (ICE) vehicles and EVs, as well as the company’s ongoing investment in both segments. This stands in contrast to campaigns like Ola Electric’s “Ending ICEage,” which advocates for the transition away from traditional internal combustion engine vehicles.
Venu stated, “It is not a topic of ICE vs. EV; it is ICE and EVs, and we will grow in both segments. We will continue to invest in ICE vehicles as well. More than 20% of scooters we sell today are EVs, and this number will double in the next two years.”
The TVS X, which has been introduced as a premium EV scooter, showcases impressive performance capabilities. It can accelerate from 0 to 40 kilometers per hour (kmph) in just 2.6 seconds and can sustain a maximum speed of 105 kmph. Featuring advanced connected technology, the vehicle boasts a 10.2-inch TFT cluster display powered by the TVS SmartXonnect platform. This platform even allows the display to be configured for wellness activities, gaming, live video streaming, and internet browsing, although these features can only be utilized when the vehicle is stationary.
As TVS Motors continues to enhance its EV portfolio, the company’s vision extends beyond the Indian market. Venu revealed that while the initial launch is targeted at the domestic market, TVS intends to export the TVS X to various countries including Nepal, Bangladesh, and even Europe. The company has set an initial production capacity of approximately 100 TVS X vehicles per day, with plans for phased expansion to accommodate the production of its existing model, the iQube.
Venu concluded by expressing optimism about the company’s growth trajectory. He emphasized plans to elevate the production capacity of the iQube to 25,000 to 30,000 vehicles per month and noted the encouraging response from international markets. TVS Motors’ journey into the EV landscape underscores its commitment to innovation and competitiveness on the global stage.
