TVS enters Italian market, plans to launch ICE & EV two-wheelers

4 months ago | 51 Views

Indian two-wheeler manufacturer TVS Motor Company has announced the commencement of its operations in Italy, marking a step in its global expansion strategy. The company plans to introduce a range of internal combustion engines (ICE) and electric scooters and motorcycles to the Italian market.

TVS Motor already markets its products in 80 countries. The company's Italian expansion is managed through its branch office, TVS Motor Italia, led by Giovanni Notarbartolo di Furnari.

Sharad Mohan Mishra, President and Head of Group Strategy at TVS Motor Company, highlighted the strategic importance of this move, stating, “Our entry into Italy is a strategic step towards our global ambitions."

Giovanni Notarbartolo di Furnari, Director of TVS Motor Italia, expressed confidence in the company’s long-term strategy for the Italian market. He stated, "By establishing a branch office and offering a broad suite of products, both ICE and electric, TVS Motor underlines its confidence and long-term strategy for the Italian market." The company’s focus will be on two fundamental pillars: product quality and customer satisfaction, he added.

Watch: TVS iQube electric scooter: Road test review

In India, TVS Motor Company expanded its electric vehicle range by introducing two new variants of the iQube scooter. These include a 2.2 kWh version and a 3.4 kWh iQube ST variant. The new entry-level variant with a 2.2 kWh battery pack is offered at an introductory ex-showroom price starting at Rs. 94,999, while the 3.4 kWh TV iQube ST is priced at ₹1.55 lakh.

Earlier, TVS Motor Company reported a smaller-than-expected fourth-quarter profit due to higher costs overshadowing steady demand for its two-wheelers. The company’s profit rose 18.3 per cent from a year earlier to ₹485 crore ($58 million) for the quarter ending March 31, missing analysts' estimate of ₹552 crore.

Revenue from operations rose nearly 24 per cent to ₹81.69 billion, surpassing analysts' estimates of ₹80.08 billion. However, this revenue increase was offset by a nearly 22 per cent rise in total expenses, primarily driven by a more than 23 per cent increase in the cost of materials consumed.