TVS is one of the few major OEMs that has embraced electric two-wheelers, launching the iQube electric scooter back in January 2020. With a comprehensive update last year that resulted in three variants, two of which are available for sale and the third arriving soon, the well-rounded iQube has been steadily gaining popularity and is now being sold across the nation. In Q3 FY23, the company reported that the iQube had sold around 29,000 units, averaging close to 10,000 units per month.
TVS Motor Company has released its sales data for January 2023 revealing that the company has recorded positive growth on almost all fronts. The most notable performance is that of its electric scooter, the iQube, that been witnessing a consistent month-on-month sales increment. Total dispatches of the e-scooter stood at 12,169 units last month which is not just exceptionally higher than the same month last year but also the highest ever since its launch.
The strong sales growth of the e-scooter continues, with it having sold around 16,000 units in Q2 and roughly 8,000 units in Q1. TVS aims to continue this trend, hoping to double its sales each quarter and surpass the 1 lakh figure for this financial year. To achieve this, the company is confident in selling 25,000 units each month and aims to surpass the 50,000 units in the current quarter.
The success of the iQube is reflected in its contribution to TVS’ total domestic scooter sales, accounting for 10 percent in Q3 and standing alongside popular models like the Jupiter, NTorq, and Scooty Pep. TVS plans to export the iQube soon and already has 25,000 to 30,000 bookings in its order book.
TVS is gearing up for its EV transformation, with FY23-’24 marking the start. The company plans to roll out a series of new electric products in different segments ranging from 5kW to 25kW in the next 18 months.
As for the ICE two-wheelers, TVS sold a total of 2,64,710 units last month which is higher by 4 per cent over January 2022 when it delivered 2,54,139 units. Domestic sales, in particular, recorded a massive jump of 29 per cent, increasing from 1,67,795 units last year to 2,16,471 units this year. Further splitting the data, TVS mentioned in the release that motorcycle sales recorded a downfall of 13 per cent while scooter sales grew by 32 per cent in January 2023.