TVS Motor, which holds more than 20% market share in India's electric vehicle (EV) sector, has launched a new electric two-wheeler vehicle, TVS X with a total capital expenditure (capex) of Rs 250 crore. "This vehicle is designed in a unique way that is path-breaking and will attract Gen Zs and Millenials. We have totally put together a Capex of Rs 250 crores, " Said Sudarshan Venu, Managing Director of TVS Motors on the sidelines of the launch.

This comes at a time when TVS Motor Company has also shelved plans to raise funds for its electric mobility business amid an uncertain sectoral environment.On a report that the South-based 2-wheeler major had kick-started a process to induct private equity investors and raise around $300 mn to $350 mn to facilitate capacity expansion and new launches for its EV arm, TVS Electric Mobility

Venu said in a media briefing that the company plans to be present in all the segments within the EV ecosystem including more models within the three-wheelers segment as well as models for the Business-to-Business (B2B) sectors like scooters for e-commerce and food deliveries. "We will be the company that will have the complete offering within the EV ecosystem and address the customer's needs," He added.

Venu believes that both ICE and EVs will coexist 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 which is 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 and this number will double in the next two years." Venu said.

The company has launched TVS X which comes under the premium EV scooter category. The new TVS X is priced at Rs 2.49 lakhs and is available for bookings as of Thursday and deliveries across 15 cities will start from Nov 2023 in a phase-wise manner. The company calls it a crossover model that has features resembling a scooter and has the design of a motorbike. The new model 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.