In the last year TVS Motor Co. Ltd’s shares rose nearly 60% in a spectacular fashion. The company has maintained its profit margins in the past few quarters amid cost pressures.
Meanwhile, TVS Motor Co. The company plans to double sales of its electric two-wheelers by March. Speaking in this regard, the company’s senior official K.N. Radhakrishnan said, “We aim to expand our iQube line and introduce new products ranging from 5kWh – 25kWh within the next one and a half years.
We are doubling our electric scooter sales every quarter. So we will continue this sales momentum in the fourth quarter as well. He also hoped to sell over 100,000 EV units by the end of the current financial year. Last December, the company sold 11,000 units of the TVS iQube, making it second only to Ola Electric.
TVS has sold a total of 29,000 units of iQube e-scooters in the December quarter. That’s nearly double the figure from the 16,000 units sold in the previous three months. The company is currently targeting a monthly production rate of 25,000 units as the company is streamlining its supply chain to meet the high demand for electric scooters. Apart from three variants of its iQube scooter, TVS Motors is also set to launch its electric three-wheeler in the coming months. The iQube scooter now accounts for 10% of TVS’ total scooter sales, higher than the industry average of 5%.
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As of now there are over 25,000 iQube bookings. Based on this, the company says it is streamlining its supply chain to ensure timely delivery of orders as demand outstrips supply. TVS is increasing its network footprint to 200 dealers in 110 cities. TVS Motors says the iQube has been very well received by customers in the post-FAME-II subsidy environment, including costs and customer acceptance of electric vehicles. The company says that if order numbers continue to grow like this, cell costs, chemistries will change, and all other aspects of cost can be improved.
Meanwhile, TVS Motor has reported a stronger-than-expected financial performance for the quarter ended December 31. The company’s net profit rose 22.5% to Rs 352.75 crore from Rs 288 crore in the previous year. The company said revenue rose nearly 15% to Rs 6,545.42 crore in the quarter, driven by increased sales of electric two-wheelers and high-performance motorcycles.
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