New Delhi, Jan 20 (PTI) TVS Motor Company on Monday forayed into the electric three-wheeler segment with plans to enhance the product range during the year.

The company, which introduced the King EV MAX model to cater to the passenger electric three-wheeler segment, is priced at Rs 2.95 lakh (ex-showroom) with a certified driving range of 179 km on a single charge.

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TVS, which has a sizeable presence in two and three-wheeler segments across domestic and international markets, expects the segment to transition to full electric by 2030.

"This is going to be the starting point of our EV journey in three-wheelers...we want to be a prominent player in the EV segment," TVS Motor Company Director and CEO KN Radhakrishnan said.

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On product range expansion, he noted: "We have started with the passenger version. Now, we will definitely look at a cargo version, and then we will look at what else can be done using this platform".

Radhakrishnan said the company would also look at exporting the King EV MAX model to international markets.

He noted that the company invested close to Rs 125 crore in the development of King EV MAX.

TVS Motor Company Head Commercial Mobility Business Rajat Gupta said the electric three-wheeler passenger segment witnessed a CAGR of 80 per cent last year.

He noted that around 16,000 units are being sold currently in the segment on a monthly basis and the numbers are expected to grow over the next few years.

"By 2030, the segment will be 100 per cent electric," Gupta said while noting that the company aims to bring in more electric three-wheelers, including ones for the cargo segment, this year.

On the launch of King EV MAX, Gupta said: "We are introducing this product with many unique features. Slowly, the production ramp-up will happen, and we are expecting that we will have a significant position in the segment in the next 3-4 quarters".

The model is being launched in Uttar Pradesh, Bihar, J&K, Delhi and West Bengal in the first phase, he added.

"It will be available across the country in the coming months," he added.

Earlier this week, TVS announced that it is exploring joining hands with South Korean automaker Hyundai to conceptualise the development of advanced electric three-wheelers and micro four-wheelers in India.

The project seeks to contribute to India's mobility market and empower last-mile connectivity in Indian cities.

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