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Business News/ Companies / News/  TVS to export electric vehicles in FY24

TVS to export electric vehicles in FY24

The company will look to export its EVs to developed markets, given that it has presence in European countries through its investments in SEMG and Norton Motorcycles

TVS to export electric vehicles in FY24Premium
TVS to export electric vehicles in FY24

NEW DELHI : TVS Motor Co. plans to boost its electric two-wheeler manufacturing capacity as it lines up new launches, and looks to start exporting electric vehicles this fiscal year, chief financial officer K. Gopala Desikan said.

The company will look to export its EVs to developed markets, given that it has presence in European countries through its investments in SEMG and Norton Motorcycles. It also has existing export markets for internal combustion-engine products in the ASEAN region. TVS, however, did not clarify which products it would export, or to which countries.

TVS will pump up production of its iQube electric scooter this month onwards, after April volumes fell nearly 48% from March due to component shortage and a migration to AIS-156 safety standards for EVs and EV batteries under Central Motor Vehicle Rules, the company said. TVS plans to launch its first electric three-wheeler for cargo and passengers by the next quarter, and expand its line-up of e-two wheelers across a range of battery capacities and price points in the next 9-15 months, Desikan said. The iQube currently has an order book of 30,000 vehicles, he said.

The Tamil Nadu-based two-wheeler maker said net profit for the quarter ended 31 March rose by 49.5% to touch 410.27 crore, up from 274.50 crore a year earlier. Consolidated revenue from operations grew 19.4%, reaching 6,604.78 crore during the quarter, compared to 5,530.31 crore in the previous year.

Operating Ebitda (earnings before interest, taxes, depreciation and amortization) for the fourth quarter rose by 22% to 680 crore, a 10.3% increase compared to 557 crore in the corresponding quarter last fiscal, the company said in a filing to stock exchanges.

“We will continue to invest in new products, with many new launches in EV and internal combustion-engine variants this fiscal. The company will also enhance the volume of Ronin and Jupiter and focus sharply on premium products, material cost reduction, and reducing fixed costs. We aim to deliver better Ebitda in FY24 and are confident of outperforming the industry", Desikan said on a post-earnings conference call. “We have an opportunity to scale up to much higher capacities in EVs and will look at international markets in parallel. We are entering new segments and have to ensure we get our new products right too," he added.

TVS said it has seen a good pick-up in demand, but continues to see challenges emerge from the rural segment, which primarily drives the sales of entry-level two-wheelers. “Overall, we see very good pick-up, but the challenge is in rural (market). We will see sentiments coming back if monsoon is better. 125cc market doing extremely well as industry", Desikan said.

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Alisha Sachdev
Alisha Sachdev is an assistant editor with Mint based in Delhi. She reports on the auto and mobility sector, with a special focus on emerging clean mobility technologies. She also focusses on developing multimedia properties for Mint and currently hosts the 'In A Minute' series and the Mint Primer podcast. Previously, she has worked with CNBC-TV18 and NDTV.
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Updated: 04 May 2023, 11:18 PM IST
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