As per the reports TVS, the motor is figuring out the methodology to create a separate collection of electrical items. The top executives of the company confirmed the report.
Sudarshan Venu, joint managing director, said: “There will be phased expansion.” Moreover, the company may witness a wide range of electric segment products in the coming years.
On last Saturday, TVS Motor launched “iQube,” the first-ever electric scooter in Bengaluru. The pricing of the two-wheeler signifies Rs 1.15 lakh. iQube came just after the launch of rival Bajaj Auto electric vehicle called as Chetak. Sachin Bansal “Ather” is coming up with its latest technology that is Ather 450x. There will be stiff competition in the market as the government is also pushing electric vehicles to save fuel.
On the other hand, TVS Motor is well aware of the hurdles they are going to face to maintain sustainability in the market. Therefore, to overcome the issue of charging, they are trying to collaborate with Bescom, a power distributor in Bengaluru. Venu said that they need a charging functionality that everyone will be able to use.
Venu further added that they need dealership service, trained mechanics, and everything in place so that they don’t leave a chance to make their customers happy with their product. It will not only make the right brand image but also push the sales and revenue of the two-wheeler market.
Moreover, there is a possibility of fierce competition for Indian electric scooters from Chinese brands. On this, Venu was sure that TVS Motor would consider the iQube exporting as Indian brands are competitive globally as well. On an average, India exports 2 million two-wheelers every year.
According to Rajeev Singh, a Deloitte India partner, and automotive leader, the market of an electric vehicle is going to expand. Still, the profit of the company for the product is dependent totally on customers. It also carries factors like affordability, the price range by the manufacturer, and whether the buyer will able to make ROI in another three years. The other features of the scooter include speeding checks, navigation assistant, battery alert and geographical fencing power
Initially, iQube is available only in Bengaluru, but TVS is targeting to launch its other 3-4 cities as well by the next fiscal year. Currently, the company has the bandwidth of producing 1000 units of the scooter in a month. The production is happening at the plant situated in Hosur, Tamil Nadu.