TVS plans to become a key player in electric three-wheeler market: CEO KN Radhakrishnan

With the launch of its first electric three-wheeler, King EV Max, in the L5 (passenger) segment, TVS Motor Company has established its ambition of becoming a prominent player in the electric three-wheeler segment in the next three quarters.

“EV penetration in the three-wheeler category is moving quickly. In the EV category, we would like to be a prominent player.  I’ve not put any numbers, but you have seen our EV numbers in the two-wheeler market. For us capacity is not a problem. We can ramp up fast because we have the capability,” KN Radhakrishnan, Director and Chief Executive Officer (CEO) of TVS Motor Company, said. According to Radhakrishnan, the electric three-wheeler segment grew 27% in the first nine months of FY25.

TVS launched its first electric three-wheeler on January 20 at the ongoing Bharat Mobility Expo. The new product will be launched at a starting price of Rs 2.95 lakh and will be available across select dealerships in Uttar Pradesh, Bihar, Jammu & Kashmir, Delhi and West Bengal.

Despite being a late entrant to the domestic electric three-wheeler market, the company remains optimistic about wooing the customers. “There is nothing called delayed launch. According to me, once the product is ready and you know that you can delight the customer with the right kind of proposition or value, you come up with that….And TVS has a very strong design and development capability and we will always focus on the customer,” says Radhakrishnan.

According to Rajat Gupta, Business Head, Commercial Mobility at TVS Motor Company, the company will launch more products in the electric three-wheeler space including in the L3 (cargo) segment. As per Gupta, with the company’s aggressive expansion strategy, TVS was able to increase its market share from 4.4% to 10% in the ICE-CNG segment, where it currently operates.

Notably, the company has also partnered with Hyundai Motor India to market and manufacture three-wheelers and micro four-wheelers. The concept models of the products were showcased at the Bharat Mobility Global Expo last week. As per the statement by Hyundai, “Hyundai Motor is exploring offering design, engineering and technology while TVSM will contribute towards manufacture, market and co-development of the vehicles.”