TVS Plans Rs. 700 Crore Investment; To Launch New Products By Mid-2022

TVS Motor Company has lined up Rs. 700 crore capital expenditure for financial year 2022-23, KN Radhakrishnan, Director and Chief Executive Officer, TVS Motor Company said recently. The investment will be used to accelerate the launch of new products and increase production capacity. It will also include investments in future mobility areas, including EVs. The first new products are expected to be introduced by the end of the first quarter of FY 2023, and new EVs are also being readied for launch, although a timeline for the launch of the EVs has not been disclosed.

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The company says there's strong demand for its 125 cc motorcycle TVS Raider.

The company has received bookings for 12,000 units for its TVS iQube electric scooter, which is currently the only EV product. The iQube is being offered on sale across 33 cities. The company is expanding its EV capacity to 10,000 units a month by the end of the first quarter of FY 23 and will be scaling it up further throughout the financial year. TVS Motor Company has also collaborated with Jio-BP, Tata Power and CESL for a charging network and other EV infrastructure development.

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The TVS Jupiter 125 is also witnessing strong consumer demand, the company says.

During the financial year 2021-22, the company's overall two-wheeler and three-wheeler sales were reported at 33.10 lakh units. Motorcycles sales during the fiscal year grew by 29% at 17.32 Lakh units as against 13.41 Lakh units in the year ended March 2021. Scooter sales registered 9.23 Lakh units in the year ended March 2022 as against 9.61 Lakh units in the year ended March 2021. The Company's total sales in international markets recorded a growth of 43% increasing from 8.79 Lakh units in the year ended March 2021 to 12.53 Lakh units in the year ended March 2022.

(Source)