Key Points
- TVS Motor Company has unveiled its flagship electric scooter, the TVS X.
- TVS X is aimed at the Gen-Z buyer in India and has big plans for it in the global market.
- The company has invested Rs 250 crore into the new X, which is built on a new, ground-up EV platform.
- The scooter is priced at Rs 2.5 lakh, ex-showroom, and is clearly aiming at a premium positioning of the product.
- The company expects two-wheeler EV sales in India to reach 30 % market penetration by CY25 and aims to double the contribution of EVs to its overall volumes from 20 % to 40 % over the next two years.
- The company is also banking on the immense potential in India.
- The TVS X will be launched first in Bengaluru and will reach at least 15 cities by the end of FY24, with the company also leveraging digital retail to sell the product.
TVS Motor Company
TVS Motor Company has unveiled its cutting-edge flagship electric scooter, the TVS X, aimed at the Gen-Z demographic in India. The company invested Rs 250 crore to develop this high-tech scooter, which is built on an entirely new EV platform, breaking free from traditional constraints seen in internal-combustion engine (ICE) two-wheelers.
TVS X
The TVS X, priced at Rs 2.5 lakh ex-showroom in India, is strategically positioned as a premium product. TVS Motor Company is confident about its pricing strategy, targeting a unique and substantial market segment.
With a bullish outlook on the EV sector, TVS Motor Company is looking to tap into the burgeoning market. The company expects two-wheeler EVs to reach 30 % market penetration by CY25 and aims to double the contribution of EVs to its overall sales from 20 % to 40 % in the next two years.
EV platform
The TVS X isn’t just limited to the Indian market; the company has ambitious global plans. Sudarshan Venu, the Managing Director of TVS Motor Company, expressed confidence in the scooter’s potential across multiple international markets, including Europe, South East Asia, Latin America, and the UAE.
In addition to its electric ambitions, TVS recognizes the enduring potential of the conventional ICE two-wheeler market in India. While focusing on electrification, the company is also leveraging the country’s strong scooter culture to drive growth in this segment.
Sudarshan Venu
To enhance the buying experience, TVS Motor Company is implementing innovative retail strategies, including digital retail channels. The TVS X will debut in Bengaluru and expand to at least 15 cities by the close of FY24.
Conclusion
In the first seven months of CY23, TVS Motor Company sold a total of 87,397 units of its electric scooter, the iQube. The company’s commitment to EVs, along with its strategic pricing and global ambitions, positions TVS Motor Company for a significant role in shaping the future of electric mobility in India and beyond.
