Calcutta, Oct. 3: TVS Motors plans to come up with a four-wheeler which is set to create a different segment in the auto sector. Called quadricycle, the project of the country’s third largest two-wheeler manufacturer, is currently on the drawing board of the advanced engineering group.
Confirming the move, TVS vice-president Cecil Dewars told The Telegraph that the objective is to have a vehicle larger than auto rickshaw but smaller than a small car.
“It is premature to talk about the exact design of the vehicle till it comes to the research and development centre,” he said.
The quadricycle will have 20 bhp power, which is at least one-third of the small car currently plying on the Indian roads.
Dewars also said the passengers and load carrying capacity of the vehicle, too, would be lower than existing four-wheelers in the country.
Asked whether a similar kind of vehicle was there in other countries, Dewars said it was a unique project and the vehicle will create a different segment in the auto world. The vehicle is being designed entirely by an internal group without any foreign collaborator, he said.
Dewars, however, refused to give any time frame when the vehicle will hit the market. He was also silent on the investment for the entire project.
“We plan to invest Rs 1200 crore over five years for two wheelers, three wheelers and a foray into the international markets. The investment for the manufacturing of quadricycles will be over and above the current investment plan,” he said.
The company, which registered a 149 per cent rise in adjusted net profit in the last financial year, plans to triple its exports in the current fiscal to 30,000 units against last year’s exports of 10,000 units.
In the first quarter, the company exported 163,000 units against 87,000 units in the corresponding period last year. In September, the company has clocked the highest ever sales of 105,989 units, registering a rise of 3 per cent over the year ago period.