TVS expands electric 3-wheeler portfolio; drives in model to cater to cargo segment

New Delhi, Aug 21 (PTI) TVS Motor Company on Thursday expanded its electric commercial vehicle range with the introduction of a three-wheeler for the cargo segment.

The company had forayed into the electric three-wheeler segment earlier this year with the launch of the King EV MAX to cater to the passenger segment.

TVS King Kargo HD comes with a driving range of 156 km and is priced at Rs 3.85 lakh (ex-showroom).

TVS Motor Company Head Commercial Mobility Business Rajat Gupta said the model would also be launched in CNG trim later this year.

He noted that electric models are witnessing robust acceptance and the segment is likely to account for 60 per cent of the overall three-wheeler market by 2030.

Gupta noted that EV models sold around 20,000 units last year, which is roughly 31 per cent of the overall 60,000-unit three-wheeler market.

"As far as the cargo segment is concerned, around 10,000 units are getting sold each month, with diesel accounting for 50 per cent and EV and CNG accounting for 25 per cent each," Gupta said.

He noted that the three-wheeler segment is witnessing a robust growth of 12 per cent year-on-year.

"We expect by 2030, 60 per cent of the market will be EV. All the fuels will coexist, okay, but majorly, 50-60 per cent market will be EV," Gupta said.

On TVS King Kargo HD, he noted that the company is entering Delhi-NCR first, followed by Bengaluru, Gujarat and Maharashtra.

The domestic three-wheeler (cargo) segment stood at around 10,000 units, with diesel trims accounting for 50 per cent and the rest 25 per cent each of CNG and EV models, he said.

When asked if the product would also be exported, Gupta stated that the overseas market for cargo three-wheelers remains small at around 4,000 units per annum.

"Although it is very small, there will be adoption. So we are trying some of the countries already. We are running pilot vehicles in some of these places," he noted.

Gupta noted that the company is in talks with various B2B players for leasing partnerships for the new product. PTI MSS MSS SHW SHW