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01 Mar 2023

TVS Motors is Evaluating the Fundraising Options for EV Business

By News Date 01 Mar 2023

TVS Motors is Evaluating the Fundraising Options for EV Business

The company is ready with its three-wheeler to launch and planning to expand and spread its vehicle first in India and then in the international market.

The TVS Motor Company has said they are evaluating many options for fundraising for the EV business. The brand is ready with a range of E-three wheeler. Also, they have other segment-wise products planned to be launched in upcoming quarters. The brand also said they have a clear investment plan roadmap. Also, they have plans to take electric vehicles to the international market. 

The company is ready with a line-up of electric three-wheelers. And that will be a great opportunity for them to expand their business in India and the international market. The demand for the products is very high in the global market. But first, the company wants to satisfy domestic customers. 

Official Statement

WHILE RESPONDING TO THE FUNDRAISING QUERIES FOR THE EV BUSINESS, Mr N Radhakrishnan, director & CEO of TVS Motor, said at an investor call: "We are evaluating various options. For the overall business decision, we'll take a call. Without satisfying the local demand, we don't want to start it, so possibly next year we will see we're getting into some of the markets," he said. On the strategy for the EV products, Mr Radhakrishnan said that the company is planning to deliver segment-wise products, and many new launches are in the line for the future quarters. 

With the BMW partnership, there is a great opportunity to take the TVS brand to new and developed markets. He said, "So you will see a big drive in really becoming TVS a global brand." 

Currently, the brand has a single product in the EV range: a two-wheeler. The company is growing their sales volume every quarter. In the first quarter, they sold 8,000 units and reached 16,000 in the second quarter. In addition, it reaches 29,000 units in the third one. Also, the management has said that they will continue the momentum in the final quarter. Thanking the supply chain and FY '24 will set a tone for transforming the EV business with the current and upcoming products.

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