TVS Motor Company Limited (TVSM), a major two-wheeler manufacturer, has a global outlook to become a premium motorcycle company, its CMD Venu Srinivasan said.
“The world is changing technologically and every vehicle is connected or moving with electricity,” he said. “With the acquisition of The Norton (the UK’s iconic sporting motorcycle brand), we have a global ambition to become a premium motorcycle company with 20% of our business coming from premium brands,” he told Morning Tidings.
“To achieve this, we want to enter developed markets like North America and Europe. Most of our products, especially a large number of scooters, will be electric or connected. But there is no time limit for this to happen.
The company also plans to double its sales volume. Currently, TVSM 17 is the third largest two-wheeler company in India with revenues of over 18,217 crore. These premium product offerings include Norton, Apache, Entorq (a Bluetooth-connected scooter) and IQUB (a smart electric scooter). 33% of revenue comes from international operations and over 10% from premium bikes.
“There is a world in terms of electric and connected vehicles, which are ready for the future and we need a leadership to take us forward.”
To achieve this goal, TVSM appointed Ralf Speth a global automotive industry veteran and JLR’s ex-CEO as non-executive director. He will take over from Sri Srinivasan in 2023.
“We have added Mr. Spath to keep the company ready for the future,” Srinivasan said.
“We need a person who can be the main patron of the company. He is one of the most respected leaders in the automotive industry globally. He understands quality, patents, design and technology. They have built a company from a small size to a global scale, ”said Mr. Srinivasan.
Asked if he was around 70 years old, Srinivasan said: “There is no such reason. I am not stepping aside. I will be there as Chairman Emeritus. The company supporting us has non-politicians. The issue is to keep the company ready for the future. Current CEO KN Radhakrishnan and JMD Sudarshan Venu will continue in their roles. Here, we are only talking about the Chairman. ”
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