TVS Motor invests Rs 250 Cr in its newly-launched EV TVS X

TVS Motor has launched a new electric two-wheeler vehicle, TVS X, with a total capital expenditure of Rs 250 crore.

TVS X comes under the premium EV scooter category and is priced at Rs 2.49 lakh. It is currently available for bookings, and the deliveries across 15 cities will start from November 2023 in a phased manner.

According to a report by MoneyControl, TVS said it is a crossover model that has features resembling a scooter and has the design of a motorbike. It can go from 0 to 40 kilometers per hour (kmph) in 2.6 seconds and has a sustained max speed of 105 kmph. TVS X comes with a connected tech with its 10.2-inch TFT cluster display powered by the next-gen TVS SmartXonnect platform.

"This vehicle is designed in a unique way that is path-breaking and will attract Gen Zs and millennials," Sudarshan Venu, Managing Director of TVS Motors, said during the launch event held in the United Arab Emirates (UAE) on Wednesday.

TVS Motor holds more than 20% market share in India's electric vehicle (EV) sector. But owing to an uncertain sectoral environment, the company has shelved plans to raise funds for its electric mobility business.

In June last year, TVS Motor had started a process to induct private equity investors and raise around $300 million to $350 million to facilitate capacity expansion and new launches for its EV arm, TVS Electric Mobility.

In a media briefing, Venu said the company plans to be present in all the segments within the EV ecosystem, including more models within the three-wheeler segment as well as models for the Business-to-Business (B2B) sectors like scooters for ecommerce and food deliveries.

Venu said both ICE and EVs will co-exist and grow, and TVS motors will continue to invest in both, even as Ola Electric, India's largest EV market share holder, is running a campaign on Ending ICEage, or ending the petrol-dependent Internal Combustion Engine vehicles.

"I think it is not a topic of ICE vs. EV, it is ICE and EVs and we will grow in both segments. We will in fact continue to invest in ICE vehicles as well. There is huge growth in electric and more than 20% of scooters we sell today are EVs. This number will double in the next two years," Venu said.