TVS Motor Company is evaluating a further expansion of its electric vehicle manufacturing capacity to accommodate rising demand for its two-wheeler portfolio. The company is currently nearing an annual production milestone of 500,000 units, supported by the established iQube and the recently launched Orbiter scooter.
Production Ramp-Up and Sales Growth
In the third quarter of FY26, TVS reported a 40 percent year-on-year increase in electric two-wheeler sales, with volumes reaching 1.06 lakh units. The manufacturer has managed to outpace general industry growth despite previous supply-side challenges. Current production metrics include:
- TVS iQube: Approximately 30,000 units per month.
- TVS Orbiter: Approaching 10,000 units per month.
- Market Growth: 40 percent YoY increase in EV volumes.
Divergent Product Positioning
CEO K N Radhakrishnan noted that the iQube and Orbiter are addressing different consumer needs. The iQube continues to serve as the brand’s primary volume contributor, while the Orbiter is marketed as a range-centric option for entry-level EV buyers. This strategy has allowed both products to grow simultaneously without cannibalizing sales from one another.
Supply Chain Stabilization and Outlook
The company confirmed that earlier constraints regarding the availability of rare-earth magnets have eased. With supply lines expected to normalize fully within the coming month, TVS is reviewing investment plans for the next financial year to further bolster its EV capacity. Additionally, the brand highlighted that EV penetration in the three-wheeler segment has now reached 32 percent, signaling broader adoption across its product categories.
