TVS has been heavily investing in the electric two-wheeler and three-wheeler markets due to the potential this segment poses to the entire mobility industry. TVS Motor has announced an additional $135 million investment this year following a $135 million investment made the previous year. The majority of the funding will go into increasing capacity and creating new EV models, predominantly for the Indian market.
Given that there isn't now an obvious winner in the EV market, TVS sees a significant potential. It's a never-ending struggle because so many EV manufacturers have entered the market. Given its technological prowess, wealth of resources, and access to an extensive dealer network across India, TVS has the potential to rank among the top manufacturers, if and when the EV war wages on full force. TVS is ranked in the top 10, although it is trails slightly behind names like Okinawa, Hero Electric, Ola Electric, Ampere, and Ather, which are renowned for their cutting-edge, highly functional models that are quite inexpensive.
By the end of this year, TVS hopes to raise the manufacturing output of its iQube electric scooter to 25,000 units per month thanks to new investments. This will be more than twice the figures for the current manufacturing capacity. Additionally, TVS plans to produce 50,000 iQube scooter units per month by 2023, a 100-percent increase in production capacity. Looking at things in the bigger picture, a production capacity of around 500,000 units per year will be required.
While TVS has been heavily investing in the EV market, it is not doing so at the expense of its mainstream portfolio that is powered by internal combustion engines. TVS is attempting to update its ICE portfolio by entering new markets. Currently, TVS is well-known for its inexpensive commuting bikes and the high-performance Apache line. It is also well-liked in other areas as a result of its collaboration with BMW on the G 310 line of motorcycles.
As with the recently unveiled Ronin in neo-retro styling, TVS plans to release new premium lifestyle models for gasoline-powered two-wheelers. It's hoped that further versions, such as the much awaited Zeppelin R power cruiser, will soon be available. The business is optimistic that the current upbeat market attitude will continue, which will aid in achieving the necessary growth in both the ICE and electric mobility categories.