Date: July 27, 2023 — TVS Motor Company, a two-wheeler manufacturer, revealed its ambitious plans to evolve its business dynamics and embrace the characteristics of a start-up. The company’s Chairman, Ralf Speth, stated that TVS Motor is gearing up to undergo a significant transition, positioning itself as a Smart Mobility Company.
TVS Motor has been on an acquisition binge, purchasing stakes in developing firms including EBCO in the UK, Drive X, ION Mobility, and SEMG among others. The firm hopes to benefit from these firms’ experience and transform into “a smart mobility company.”
The move comes as part of the company’s strategic vision to adapt to the changing landscape of the automotive industry and cater to the growing demands for smart, connected, and sustainable mobility solutions. As the world witnesses rapid advancements in electric and autonomous technologies, TVS Motor aims to stay ahead of the curve by embracing innovation and fostering a start-up mindset within the organization.
At the 31st Annual General Meeting on Tuesday, TVS Motor Company Chairman Ralf Speth stated, “It is our desire to grow the dynamism of the start-ups further, autonomously. Naturally, we also aim to take advantage of these opportunities and increase the value of our core business. The transition to smart mobility is being driven by the knowledgeable TVS team. TVS has boosted its capabilities with some extremely wise acquisitions”.
Furthermore, the company plans to strengthen its focus on electric mobility solutions, envisioning a future where electric vehicles (EVs) play a crucial role in urban transportation. TVS Motor aims to launch a series of electric two-wheelers and invest in charging infrastructure to support the adoption of EVs in the markets it operates.
TVS has established a dedicated EV team to swiftly transition into electrification, expand their direct and indirect product pipelines, and introduce their reliable, Indian-tested products to the global market. According to Speth, the EV-two-wheeler industry experienced significant growth, with sales reaching 7.18 lakh units, representing a two-fold increase compared to FY22. This growth is attributed to heightened consumer interest in the appealing ‘Total Cost of Ownership,’ digital-first technology offerings, and the support from the central government through FAME II and PLI schemes, along with state-specific incentives for EVs. Additionally, rising fuel prices further contribute to the attractiveness of EVs for consumers.
As the world witnesses a paradigm shift in the automotive sector, TVS Motor’s strategic transformation may position it as a key player in the global Smart Mobility market. With this new vision and focus on innovation, TVS Motor Company looks set to shape the future of mobility and continue its legacy as a leading player in the automotive industry.