New Delhi
TVS Motor Company focuses to build a sustained dominant play in the electric vehicle segment by leveraging various government initiatives like a production-linked incentive scheme, among others. The company has robust plans to scale up its play in the electric segment.
The PLI (Production-Linked Incentive) and FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) initiatives of the government will be fully leveraged by the company and strategically build a sustained dominant play in this segment, it said.
In addition, with the strategic association with BMW, the company will be exploring the joint design and development of urban EV options for the global markets, TVS Motor Company stated.
The company has created a dedicated vertical for EV segment with over 600 engineers and adopted the Centres of Competency (COCs) with an agile working approach.
Overall, the company said it expects to outperform the industry in terms of sales growth on the back of new product launches and economic activity once again gathering pace. Due to the strong product line-up, unwavering focus on consumer, quality, cost and the strong new launches, the company is confident about outperforming the industry, inspite of the global challenges and a tough business environment, source reported.
Besides, two wheeler exports are also likely to witness growth during the year fuelled by strong demand for the company’s products and due to its operations in diverse geographies that mitigates overall risk.
Elaborating on the challenges which could disrupt the growth, the company noted that the demand growth is highly dependent on improvement in consumer sentiment. Besides, any further price increases due to additional commodity cost escalation could adversely impact demand, TVS Motor noted.
