PL Stock Update - TVS Motor - TVS X EV - Launch of a niche market offering
PL Stock Update - TVS Motor – Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd
TVS X EV - Launch of a niche market offering
TVS Motor [TVSL IN| TP: INR1,400 | ACCUMULATE]
TVS Motor introduced its new premium EV product “TVS X” at an introductory price of Rs. 2,49,999. It offers several first in the segment tech and safety features.
PL View:
“The product has several segment first features and is positioned as a premium offering when compared to the current EV scooter market in India, it will most likely be focused on the global side to gain traction. TVS could use its strong presence in the global market and also leverage its recent acquisition in the Europe region to showcase the product. Given its premium features and positioning, it's intended for a niche market segment and we don’t expect the model to garner huge volumes. We expect TVS to launch more dedicated EV products focusing on the lower price points to compete against new lower price point launches by peers in the space. The stock trades at c27x PE FY25E we have an Accumulate rating on the stock.”
Please see below details from the launch.
Key Features:
► Performance: Peak power of 11 kW, torque of 40 Nm, and acceleration of 0-40 km/h in 2.6 seconds.
► Technology: 10.2-inch HD+ TFT touchscreen, TVS NavPro onboard navigation, and TVS PlayTech for deep customization.
► Safety: TVS Smart Xhield for proactive safety, crash and tow alerts, keyless ride, and an anti-theft alarm.
► Charging: High-capacity 4.44kWh battery with portable 950W charger and optional 3kW SmartXHome rapid charger.
Platform & Design:
► Built on the new born electric TVS Xleton frame, offering enhanced torsional and vertical stiffness for better agility and precision. It sports a precision-cast aluminum alloy frame.
► Aerodynamically optimized with segment-first features, including wellness, gaming, and live video streaming.
► Considering the aforementioned details, the TVS X showcases TVS Motor's prowess in marrying sustainability with technological advancement. This vehicle, with its unmatched performance, intuitive technology, and futuristic design, looks promising for investors aiming to tap into the EV growth narrative.
Production and delivery details:
► The vehicle has been launched and booking is open.
► Deliveries are scheduled to commence from November 2023.
Target Markets:
► Initial roll-out will be for both domestic and export market in a phased manner. Initial roll-out in domestic market is planned across 15 cities in a phased manner. TVS Motor aims to introduce the “TVS X” across key international markets as well, leveraging its well-established network and strategic partnerships.
Pricing Details:
► Priced at Rs. 2,49,990/- (Ex-showroom Bengaluru),
► Portable 950W chargers at Rs. 16,275 (including GST)
► An optional 3kW Smart X Home rapid charger is also available
► Exclusive offer for the first 2,000 units includes a "First Edition" insignia, concierge service, and Garmin Smartwatch for an additional Rs 18,000.