“We have a robust portfolio of both EVs and ICE vehicles, and much of our current investment is directed towards creating new products critical for sustained and faster growth in the coming years,” Sudarshan Venu, Managing Director, said while responding to shareholders’ questions at the company’s annual general meeting, held in virtual mode.
He also noted that the revival of Norton, acquired by TVS in 2020, is expected to significantly improve revenues and financial performance.
“With all eyes on EICMA 2025, where the new Norton lineup will be unveiled. The India-UK free trade agreement creates fresh opportunities and provides a strong tailwind—opportunities we are ready to capture,” said Sir Ralf Dieter Speth, Chairman of TVS Motor, during his address.
On the EV front, Venu highlighted the strong momentum of its iQube electric scooter, which has already crossed sales of six lakh units, retaining its leadership in India’s electric two-wheeler segment. The company is also preparing a pipeline of fresh electric models to tap into rising demand, while continuing to expand its internal combustion engine (ICE) scooter portfolio with refreshed versions of Jupiter and the NTorq.
Reinforcing its presence in the last-mile mobility space, TVS has launched a new electric three-wheeler for cargo applications and indicated that further additions to the portfolio are in the works.
“The iQube is now expanding into South Asia, and I can confirm this is just the beginning. We are observing similar results in the EV three-wheeler space. Within the first few months of entering this segment, we achieved a 10% share of the EV three-wheeler market,” said Speth.
Responding to questions on supply chain issues, Venu said the company was always working to reduce concentration risk and maintain multiple suppliers to ensure resilience. “In EVs too, more players are entering and investing in this space, and we will plan our supply chain with resilience in mind,” he added.
The combination of the company’s various e-bike businesses will also lead to synergies and cost reductions. “The market in Europe for e-bikes has been very slow, but with market recovery, improvements in our products, and reduced costs from the launch of new models, we hope to see progress on this front in the coming years,” Venu said.
On its financial services arm, TVS Credit, he noted that the business continues to grow steadily, supported by tight credit practices and investments in expansion. Referring to credit losses, he explained that as TVS Credit is in the lending business, some loan losses are natural. “That is why we are working on reducing provisions, tightening credit, and at the same time balancing growth,” he said.
The company’s Indonesian subsidiary, PT TVS Motor Indonesia, has turned profitable and is contributing to consolidated earnings.
Venu also said decisions on bonus shares and dividends will continue to be taken by the Board based on profits and investment needs, while pointing out that an NCRPS issue of over ₹2,000 crore, approved by the NCLT, has already benefited shareholders.
“Less than a decade ago, we were a formidable domestic manufacturer. Today, we are a bona fide global mobility powerhouse, positioned at the forefront of innovation in both internal combustion and electric mobility. We are present in over 90 countries, and more than 63 million users ride our vehicles,” Speth said.
Looking ahead, he added, the company remains cautiously optimistic. “Despite geopolitical and macroeconomic challenges, we see strong demand in India and export markets, while the EV ecosystem is evolving rapidly. TVS is ready to seize these opportunities,” he said.