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TVS plans to increase investment in EV industry, more products soon to be launch
Two-wheeler
manufacturer TVS, located in Chennai, saw a surge of 52.8% in the first quarter, translating to an annual growth rate of 15.5% as compared to 13.4 million units in the previous fiscal, stated Dieter Speth, Chairman, TVS Motors, during the 31st Annual General Meeting. He underlined the expanding EV two-wheeler market further and declared that TVS will be increasing its investment in the sector. Additionally, he guarantees that the company will develop appealing top items in each area for its clients."The EV-two-wheeler sector had significant growth last year. Sales totalled 0.71 million (7.18 lakh units), which is an increase of over two times over FY22. The enticing "Total Cost of Ownership," digital-first technological propositions, the FAME II and PLI assistance from the federal government, paired with state-specific support that what EVs provide are driving the increased consumer interest, according to him.
"If customers think about paying more for fuel Prices make EVs even more appealing. As Electric transportation is gaining popularity in India and other nations will be prompted by interruptions and changes in the structure of the automobile sector. You can go through It all over the place," he continued.
The company's most recent electric two-wheeler, the
TVS iQube
, which was unveiled in January 2020, has attracted a lot of interest for the name. The scooter is one of the segment's most stylish, cost-effective, and practical alternatives."iQube is the market's top-performing product. Customers are drawn in by the appealing mix of high energy efficiency, cutting-edge technology, beautiful design, and the well-known TVS quality and dependability, he added.