This auto manufacturer ranked as the third-largest motorcycle manufacturer in India, specializes in producing two-wheelers and their accessories. Globally, it is positioned among the top ten manufacturers of two-wheelers. 

Over the past six years, TVS Motor Ltd has demonstrated remarkable performance in the electric two-wheeler segment, witnessing a significant increase in its market share from 2.1% in FY18 to 18.7% as of January 2024. 

The TVS iQube electric scooter is one of the fastest-selling two-wheeler electric vehicles today. iQube has helped TVS Motor become the No. 2 electric vehicle (EV) original equipment manufacturer (OEM) and achieve a 19% market share in the thriving Indian e-two-wheeler market. 

In the third quarter of the fiscal year 2023-24 (Q3 FY 24), India’s electric two-wheeler market witnessed a significant sales boost, showing a notable 34.42 percent increase compared to the preceding quarter (Q2 FY 24). This upward trend continues into the current fiscal quarter, Q4 FY 24, with a noteworthy sales figure of 76,301 units. As per VAHAN data. 

The VAHAN portal, established as the flagship e-Governance application under India’s National Transport Project, a Mission Mode Project initiated in 2006, VAHAN focuses on streamlining regional transport office (RTO) operations across the country. Its key focus is on automating processes such as vehicle registration, permits, taxation, and enforcement on a national scale. 

To secure a substantial market share in the two-wheeler electric vehicle segment, the TVS implemented a variety of strategies. Company collaborated with financial institutions (Like MoU with HDFC Bank) to provide reasonable financing options, thereby enhancing accessibility for potential customers to electric scooters. Additionally, TVS Motorcycles strengthened its dealer network, surpassing 2000 outlets in most Indian states. 

The company also introduced new variants of electric scooters to cater to diverse customer demands and price ranges, while consistently improving their existing models. Additionally, continuous improvement in their models reflected the company to achieve a strong market share in the last 6 years. 

In 2020, TVS Motors made its foray into the electric two-wheeler market with the introduction of the iQube. Positioned with a price range of Rs 1.23 lakh to Rs 1.38 lakh, the iQube faced competition from players like Ather 450X and Bajaj’s Chetak.

In October 2023, DAM Capital Advisors gave a buy on TVS Motor with a target price of ₹3,051 per share over the next 12 months. Considering the current market price, the stock has a potential upside of 46%. 

The company’s revenue climbed by 25 percent yearly, rising from ₹8,066 crore in Q1FY23 to ₹10,114 crore in Q1FY24. During the same time, net profit increased by 68 percent from ₹ 304 crore to ₹510 crore. TVS Motor shares have gained 55% in the last six months and 88% in a year. 

Written by Omkar Chitnis


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