TVS aims to expand its presence in the EV segment by leveraging a production-linked incentive scheme
With over 600 engineers, TVS has established a dedicated vertical for the EV segment.
TVS aim sintends to establish a “sustained dominant position” in the electric vehicle segment by leveraging various government initiatives like as the production-linked incentive scheme. According to its annual report for 2021-22, the company has ambitious plans to expand its presence in the electric segment.
“The TVS aims company will fully leverage the government’s PLI (Production-Linked Incentive). And FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles). Initiatives to build a sustained dominant play in this segment strategically,” it said.
According to the company, the industry is expected to increase, also the company has ambitious plans for this segment. “In addition, as part of its strategic partnership with BMW. The company will investigate the joint design and development of urban EV options for global markets,” TVS stated.
With over 600 engineers, the company established a dedicated vertical for the EV segment also implemented Centres of Competency (COCs) with an agile working approach.
In 2021-22, TVS sold over 10,000 EVs.
Overall, the company expects to outperform the industry in sales growth due to new product launches and increase economic activity. “Due to the strong product line-up, unwavering focus on consumer, quality, cost, also the strong new launches,” the company said in its 2021-22.
According to the report, domestic moped also economy motorcycle segments have recently underperformed. And are expected to recover, with some buoyancy expected in rural agriculture-led markets.
With significant improvement in urban markets across India, the company is optimistic about the scooter segment’s performance. According to the company, this segment will see significant demand from students also working women. In addition, the broader replacement segment will likely perform better with the re-opening of schools, colleges, and offices.
Furthermore, two-wheeler exports are expect to increase this year due to strong demand for its products and operations in diverse geographies, which reduces overall risk.
“Some of the agriculture-dependent geographies and have a surplus of crude oil will act. As a hedge against countries that may face adverse consequences due to high fuel also food prices,” the company start.
