TVS Motor Company’s stock price has doubled over the past one year. A new 52-week high was made at Rs 2,100 in the past week. TVS Motor YoY revenue growth has been in consistent double-digits over the past five quarters. After reporting a strong September Quarter 2023, Q3FY24 is also expected to be sturdy with 27% YoY growth in two-wheeler wholesales volumes. Two-wheelers reported sales of 10.6 lakh units in December Quarter 2023 as against sales of 8.4 lakh units in December Quarter 2022. Two-wheeler sales included electric vehicle sales of 0.48 lakh units in Q3FY24 as against 0.29 lakh units in Q3FY23, a rise of 65% YoY.
Premium e-scooter TVS X launched, to be introduced in international markets
The company launched TVS X and TVS Apache RTR 310 in September Quarter 2023. While TVS Apache RTR 310 is a powerful sports bike, TVS X is a premium e-scooter. Speaking on recently launched TVS X, K N Radhakrishnan, Director and Chief Executive officer at TVS Motor Company said, “TVS X will definitely redefine the way we look at EVs globally. This is designed, developed and made in India. TVS X will lead the way to become a global benchmark for a machine that is born electric…it is THRILLECTRIC.” The company has started delivering TVS X scooters in Q3FY24. Premium Electric TVS X is priced at Rs 2.49 lakh.
According to the management, TVS X will redefine premium and super-premium not only in India but also in developed countries. The management aims to build the TVS brand globally. Speaking on TV Motor global plans, Radhakrishnan, said, “We want to be not only in the developing economies, we want to be in the developed economies also.” He further added that, the global ambition requires investment and the company will continue to invest focusing on technology and investing in products which are superior in features, technology and are of global standards.
New EVs to be launched in the four quarters, electric three-wheeler getting ready
TVS Motor Company has a pipeline of products on the EV side which will be launched in the next four quarters targeting both domestic and international markets. First and foremost, the company plans to launch a series of products in the range of 5 to 25 kilowatts in the next one year for TVS iQube. In September Quarter 2023, TVS Motor Company announced the start of production of BMW CE-02 which is jointly designed and developed by TVS along with BMW Motorrad. The jointly developed electric motorcycle will be launched April-May this year. TVS Motor Company associate Company, Ultraviolette, manufacturer of high-performance electric motorcycles is also expected to launch its e-motorcycle in the near future. And last but not least, an electric three-wheeler is in the works. According to the management, electric three-wheeler is getting ready and more information about target markets and the product will be given by the management only near the launch date. Optimistic on electric three-wheeler growth prospects, Radhakrishnan said, “We are looking at focusing on three-wheelers definitely because this is one area we need to improve. And three-wheelers in the international market, we are doing extremely well and there also we will use this EV three-wheeler going forward.” TVS Motor Company is full throttle going the EV way. Electric vehicles constituted 4.5% of total two-wheeler sales in Q3FY24.
