Kolkata: TVS Motor Co will launch an electric cargo three-wheeler to fill the gap in its portfolio this year.
TVS Motor business head (commercial mobility) Rajat Gupta, who was in Kolkata to launch its passenger three-wheeler TVS King EV Max, said the company would launch e-three wheelers to address the cargo segment later this year. While the passenger three-wheeler market is around 45,000 units a year, the cargo three-wheelers market varies from 10,000 to 15,000 units a year.
Bajaj, Mahindra, Piaggio, and Atul Auto are already present in the passenger segment, while there is additional competition from Altigreen and Euler Motor in the cargo segment.
“After increasing our market share in the conventional passenger auto segment in India from 3.5-4% in 2023 to 10% in 2024, we are looking at a substantial share of the e-auto market with the launch of a connected passenger carrier with the highest range and several best-in-class features. We will next launch electric cargo carriers later this year,” said Gupta.
In Kolkata, TVS Motor increased its market share of LPG autos from 17% in 2023 to 32% in 2024. With the launch of the e-auto, it plans to further consolidate its presence in the passenger segment.
The official, though, refused to comment on the small commercial vehicle with a payload of under 1 tonne that it plans to launch in 2026-27 to rival Tata Motors’ electric Ace.
