Dubai: TVS Motor Company, which introduced its first electric scooter iQube in 2020, has launched a new premium EV offering X for the Indian market. A ‘crossover’ between an electric scooter and a motorcycle, X is priced at INR 2,49,990 (ex-showroom, Bengaluru) and is not considered for FAME subsidy. The new two wheeler gets a dual battery pack with 4.44kWh capacity.
This launch marks a defining moment for TVS’ made-in-India journey. X has been designed for “global citizens, who are trendsetters and visionaries with a passion for technology”, said Sudarshan Venu, Managing Director, TVS Motor Company at the launch event organised in United Arab Emirates (UAE) on Wednesday.
With X, TVS aims to strengthen its globalisation strategy and increase the focus on international markets. In line with this, the new two wheeler was launched while facing the Burj Khalifa in Dubai. As the company introduced the vehicle, the world’s tallest building lit up for a few seconds to showcase the EV.
The targeted overseas markets for X include the Middle East, Europe, Latin America, and South-East Asia. Exports are expected to begin next fiscal.
TVS has developed X on a new platform ‘Xleton’ from the ground up. The electric motor, Battery Management System (BMS), infotainment system, and the software architecture have been developed in-house. The Chennai-based manufacturer said it has invested INR 250 crore in this project and plans to produce close to 100 units of the new EV in a day.
The electric two wheeler will come with the option of Smart X Home rapid charger, that delivers 0 – 50% in 50 minutes (optional add-on 3 kW fast charger) or portable charger delivering 0 – 80% in 4 hours 30 minutes (950W charger).
Bookings for the new X are open on the company’s website. The deliveries will begin in November in Bengaluru, followed by 14 other cities in a phase-wise manner. By Q4 of the ongoing fiscal, it will be available in top 15 cities.
Expects 40% EV sales by 2025, targets ‘complete portfolio’
TVS launched its first electric scooter iQube in January 2020. It is now the second best selling model in the segment followed by Ola S1. During the first seven months of the CY 2023, iQube clocked cumulative sales of 94,963 units.
Next month, the company will launch another EV, expected to be an advanced version of iQube.
With an aim to become a global mobility firm, Venu said by the next year and a half, the company will introduce a “complete portfolio of EVs”, multiple products including electric three-wheeler cargo, new variants of iQube, electric bicycle and things beyond that.
“Today 20% of the scooters we sell are electric and we expect it to double in the next two years. So we are investing in EVs as we see a huge growth opportunity in this space” he said.
However, while it is expanding the EV play, TVS continues to see a “sustained demand” in the ICE two-wheeler segment as well, and expects it to grow alongside EVs.
Global partnerships & premium play
TVS is positive about the growing demand for premium features in the Indian market and sees X as leading this growth strategy.
The new EV is a keyless vehicle and comes with three riding modes — Xtealth, Xtride and Xonic as standard. It gets the 10th generation ABS (front wheel only), cruise control, reverse assistant, SmartConnect features, amongst others. It also offers live video streaming, on-board games, live location sharing, and anti-theft alarm.
In line with its premium strategy, the maker of Apache motorcycles has been working on enhancing its decade long partnership with BMW Motorrad. TVS also has investments in the electric motorcycle startup Ultraviolette.
To expand its global presence, the company had also acquired Switzerland-based e-bike maker EGO movement and British bike maker Norton, which is known for its classic models and electric range of luxury motorcycles.
Four Indian electric two-wheeler manufacturers, Ola Electric, Ather Energy, TVS Motor and Hero MotoCorp, who were found billing their charger and proprietary software separately by the government probe, have refunded only about INR 10 crore (USD 1.3 million) out of INR 305.64 crore (USD 41 million) expected from them. The slow refund process was partly attributed to the non-availability of bank account details of customers, according to the companies.
This collaboration has resulted in the development of four products on the 310cc platform: BMW G 310 R, BMW 310 GS, BMW G310 RR and TVS Motor Company’s flagship motorcycle, TVS Apache RR 310.
