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TVS iQube | Photo Credit: GRN SOMASHEKARA
TVS Motor Company has made plans to increase its electric vehicle (EV) volume to reach a target of 25,000 units by March 2023.
Sales of the Qube e-scooter (electric scooter) are doing well, with October wholesales around 8,000 units, director and CEO KN Radhakrishnan said in an earnings call.
“Our first challenge is to deliver 10,000 this month and 18,000 to 25,000 in March. We have the power. We are busy now,” he said.
According to Mr. Radhakrishnan, iQube has about 25,000 bookings and is sold in 100 cities and towns of the country.
When asked if EV will be spun off into a separate subsidiary, executives said it is exploring all options.
For FY23, the company has earmarked a capex of Rs 750 crore, mainly for EVs.
About 320 crore has already been invested in the first half. “EV is an important strategy and in 12 quarters we will look at the full product pipeline,” said Mr. Radhakrishnan.
He also said that the company will grow in front of the business, in the local and international markets, after the investments made, especially in the area of sales and the unveiling of new products.
Stating that there is a slowdown in international markets due to major economic factors, he said that TVS Motor is moderating shipments and added that it expects an improvement in semiconductor supply in the third quarter.
Asked about product gaps in the spectrum, he said: “There are still gaps, there are opportunities, white spots and TVS will continue to invest, because our strength is understanding the customer, customer segments and delivering what is a hit product.”
The company raised prices by 1% in the second quarter of FY23 in both domestic and export markets, and by 1.1% in October in the domestic market only, he said.
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