Posied to launch an electric two-wheeler during the second half of FY2024-25, TVS Motor Company is eyeing 30 percent share of its sales to come from electric vehicles. In this direction, the Chennai-based company is also working on an electric three-wheeler. 

TVS Motor Company Managing Director Sudarshan Venu opined that the company is gearing up for an aggressive push into the electric vehicle (EV) market with plans to have a large portion of its sales from its electric portfolio in the coming years.

Speaking to Motoring Trends on the sidelines of Indian Chamber of Commerce’s Annual General Meeting held in Kolkata, the top official said, “We are incredibly excited about electrification and it’s becoming a central focus for TVS. A significant portion of the company’s future growth will come from its electric line-up. The company has identified electric mobility as a major area of investment and expects that this segment will contribute to around 30 percent of its sales in the foreseeable future.”

The company is currently offering electric scooters like the iQube and X. It is gearing up to introduce another electric scooter this financial year. What is even more interesting is the foray of TVS Motorc Company into electric bicycles. It is in line with its commitment to build a full range of electric mobility solutions.

TVS is heavily investing in research and development with a significant focus on electric vehicle technology. The company, claim sources, employs around 800-900 engineers in research and development. Their expertise, sources add, spans across key domains on the electric vehicle side such as battery management system, motor control unit, cycle control unit and various electronics.

With an emphasis on developing much of the components used in electric vehicles, inclduing the motor in-house, TVS is working to further advance its capabilities in the electric mobility space.

Commenting on the technological focus of the upcoming electric two-wheeler, Venu noted, “The new product is expected to focus on advancements in battery technology, which is continuously improving. TVS, through its global partnerships, aims to offer batteries that are among the best in the market. Additionally, the integrated electrical and electronic architecture, along with significant investments in vehicle software, control systems and physical design, are seen as key strengths. Bringing these elements together is considered a major advantage for the company, setting it apart in the competitive electric vehicle market.”

Answering whether the manufacturer plans to foray into the electric small commercial vehicles market, he said, “TVS is currently focusing its efforts on two and three-wheelers and is not actively pursuing the small commercial vehicles market. The company is prioritising advancements and innovation in its existing vehicle segments rather than expanding into that space at this time.”

Mid-term growth

Looking ahead, TVS anticipates strong growth in the two-wheeler market with the managing director forecasting industry growth in proper double digits. He added that TVS is well-positioned to grow at a faster rate than the overall industry, driven by its investments in both electric and internal combustion engine (ICE) vehicles.

As part of its growth strategy, TVS is also focusing on expanding its presence in the export market. The company has set its sights on increasing its market share in its current export markets while also exploring new opportunities. One key area of focus is Europe, where TVS plans to expand its presence by CY2025. The company is also optimistic about opportunities in Africa, where the market is beginning to recover after a challenging period.

“Africa, which contributes a significant portion of our export revenue, had bottomed out but we’re seeing signs of improvement and expect to capitalise on opportunities there,” the managing director said.

Alluding to whether EVs will outgrow ICE in the two-wheeler category in the near future, Venu remarked, “We recognise the opportunities in the electric vehicle sector and aim to capitalise on them. While the electric two-wheeler market is expected to grow rapidly, partly due to its low starting base, ICE vehicles are still seen as having a significant future. Currently, ICE vehicles account for 95 percent of the industry, and TVS believes consumer preferences will largely dictate the pace of transition. As a result, the company continues to invest in new ICE products, seeing potential for growth in both EV and ICE segments.”

On the alternative-fuel front, he noted that CNG is considered an appealing option due to its emissions-saving potential and affordability. The three-wheeler market, particularly in India and other regions, is experiencing notable growth, presenting opportunities in this segment. TVS is expected to explore this area further. 

TI Clean Mobility, part of the Murugappa Group, has appointed Jalaj Gupta as the new Managing Director.  

The auto industry veteran in his last position was the Business Head for Commercial Vehicles at Mahindra Group. He has around 29 years of experience in the automotive industry with expertise in business strategy, product development, sales, marketing, and vendor management.

Gupta an alumnus of Punjabi University and IMT Ghaziabad has also held leadership roles at Tata Motors and Ashok Leyland.

Prior to Gupta, TI Clean Mobility was led by Kalyan Kumar Paul, who served as the Managing Director with over 30-years of career with Tube Investments of India (TII) Group, which is part of the Murugappa Group. Paul had retired from the company in October 2024.

TI Clean Mobility, the electric vehicle business of the Murugappa Group, currently sells electric three-wheelers under the Montra brand and is also set to enter the electric small commercial vehicle (e-SCV) and electric tractor space. 

Mumbai-based automotive major Mahindra has unveiled the teaser sketches of its upcoming electric origin SUVs – the BE 6e and XEV 9e ahead of the November 26 debut.

Based on the Heartcore design philosophy, the BE 6e and XV 9e are completely new pure electric vehicles designed by the company, which it believes will disrupt the passenger vehicle segment.

The company is betting big on the upcoming EVs as they encapsulate dynamic styling, premium materials, and progressive proportions.

Pratap Bose, Chief Design & Creative Officer, Mahindra & Mahindra, said, “Heartcore Design is about creating an emotional bond with our customers through design. Prepare to fall in love with our Electric Origin SUVs.”

Montra Electric, a brand owned by Tl Clean Mobility Pvt Ltd, has praised the Government of India for the continuation of subsidy support for the electrification of last-mile mobility under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme.

Roy Kurian, Business Head, Montra Electric (Last Mile Division), said, “Montra Electric sincerely thanks the Ministry of Heavy Industry, Govt of India for ensuring continuity of the subsidy support to last-mile mobility. This crucial support will help the industry navigate challenges and further speed up the shift to electric last-mile solutions.”

The PM E-DRIVE Scheme was launched on 29 September 2024. The scheme was put into effect on 1 October 2024 and will continue until 31 March 2026. Furthermore, EMPS-2024, the number of vehicles and the spending under EMPS-2024 for e-2w and e-3w being implemented from 1 April 2024 to 30 September 2024 are being subsumed under the PM E-DRIVE Scheme; hence, the scheme's effective time will be two years.

Pure EV, one of India's leading electric two-wheeler manufacturers, has entered into a strategic partnership with Arva Electric Vehicles Manufacturing LLC, a subsidiary of Clarion Investment LLC, with an aim to expand its presence across the Middle East and African regions.

Under the terms of the agreement, Pure EV will provide Arva Electric with a first shipment of 50,000 of its flagship models, the eTryst X and ecoDryft, over the next couple of years. Pure EV's position in these developing markets is anticipated to be cemented when the supply rises to 60,000 units per year after this initial phase. Pure EV will be Arva Electric's key technology partner in addition to supplying motorcycles, offering knowledge and assistance all the way through the distribution process. Pure EV will uphold all intellectual property rights pertaining to the bikes in order to safeguard unique technology as they increase their market share.

Dr Nishanth Dongari, Founder and Managing Director, Pure EV, said, “Our commitment to innovation and user experience ensures that we provide market-ready offerings and meet the growing demand for electric mobility solutions. This partnership not only aims to enhance sales but also to foster sustainable mobility solutions in regions where electric motorcycles are rapidly gaining traction, marking a significant step towards expanding our footprint in Middle East and African markets. By leveraging our strengths and capabilities together with Arva Electric, we are poised to make a significant impact on the electric vehicle landscape globally.”

Aniyan Kutty, Managing Director, Arva Electric Vehicles Manufacturing LLC, said, “We are pleased to partner with Pure EV, as their expertise in R&D and cutting-edge technology helps in building efficient and reliable 2W products. Both the companies are committed to promoting eco-friendly mobility solutions with an aim to reduce carbon emissions and support environmental sustainability in these regions.”