TVS rejigs structure to change EV business head as new two-wheeler president takes charge
TVS Motor restructured its leadership to sharpen the focus on its fast-growing electric vehicle and premium motorcycle segments.
TVS Motor Co. Ltd has entrusted Aniruddha Haldar with managing the electric vehicle division, as the country's third-largest two-wheeler maker seeks to bolster its business in a segment where the top three companies account for nearly 70% of total sales.
Haldar, a senior vice-president, succeeds Manu Saxena, a TVS veteran of over two decades, who has been tasked with leading product development and engineering for India and overseas markets, according to two people familiar with the development.
TVS also appointed Vimal Sumbly, its current head of premium two-wheeler business, to oversee the domestic business of Norton, the UK-based motorcycle maker that TVS bought in 2020.
These leadership changes follow TVS's appointment of Gaurav Gupta as president of its two-wheeler business in February. Before joining TVS, Gupta was the deputy managing director at JSW MG Motor India.
“The changes in the structure are effective this financial year, taking effect from April," said one of the persons mentioned above.
TVS entered the EV space in 2020 with the launch of the iQube electric scooter. Saxena, who has been with the company since 2004, has led it so far. Haldar, who is currently also heading TVS’ commuter motorcycle business, has been with the company since October 2011.
TVS confirmed the developments and explained its business structure in response toMint's queries. TVS has three business heads—Gaurav Gupta, president of the India two-wheeler business, Peyman Kargar, head of its international business, and Rajat Gupta, business head of commercial mobility—who report directly to the chief executive officer (CEO) Radhakrishnan.
Two business heads—Vimal Sumbly, head of premium business (including Norton) and Aniruddha Haldar, head of commuter and EV business and head of corporate brand and media—report to Gupta.
Rising market share
“In other key leadership movements, Manu Saxena has taken up a new role as head—Global Product Planning, Design and NPD (2W)," the company said in a reply toMint's queries.
The two-wheeler maker’s presence in the electric ecosystem expanded to 237,576 scooters in FY25, capturing a 21% market share and growing by around 29% compared to the previous year. Out of the company's total revenue of ₹44,089 crore in the last fiscal, ₹3,364 crore came from the EV business.
The company is fending off competition from Ola Electric Mobility Ltd and Bajaj Auto Ltd, who are fighting for market leadership over the last year. Bajaj, whose Chetak electric scooter helped double FY25 growth, reached sales of 230,806.
TVS has taken strides in the electric scooter market during the current financial year, with it topping the sales chart in both April and May with 19,937 and 24,561 electric two-wheeler sales, respectively.
With the company gaining market leadership in the electric two-wheeler segment, analysts have noted that TVS products are finding traction in the market.
“TVS Motor has established the iQube as a strong brand in the e2W segment, now offering three battery variants (2.2 kWh, 3.4 kWh and 5.1 kWh) and expanding its presence to approximately 950 dealerships," Axis Securities analysts said in a 29 April note.
The company has remained bullish on the electric scooter market, which, according to its chief executive officer, K.N. Radhakrishnan, will help push scooters’ share in the overall two-wheeler market up.
Expanding market
“I think every time I look at it, because I used to say that with EV coming in for the scooter industry, the category share will go up. I think that is exactly what is happening," Radhakrishnan told analysts during the firm’s earnings call on 28 April.
“If you look at the scooter category share, it's now somewhere around 38%. It is likely to go up further because scooters have their own convenience, their own benefit, and with EV scooters, almost 1.2 million, whatever we have seen, I think we are expecting scooters to definitely grow," he added.
In FY25, the country saw scooter sales surge by 17% to 6.75 million units, which led to the overall growth of the two-wheeler market.
Meanwhile, the company is also looking to tap the premium motorcycle market in the country with the introduction of Norton. The company acquired the UK premium motorcycle brand in 2020 in an all-cash deal for ₹153 crore. Since its acquisition, the company has invested more than ₹1,000 crore in the business.
Norton will introduce its first product in the Indian market later this fiscal year.
TVS share price surged by 21.2% in 2025 as against a 5% surge in Nifty Auto.
topics
