TVS Motor records 6% YoY sales growth in September 2023
TVS Motor Company has reported a 6% year-on-year growth in total sales for September 2023, with 4,02,553 units sold compared to 3,79,011 units in the same month last year. The company's total two-wheeler sales saw a 7% increase, reaching 3,86,955 units in September 2023, up from 3,61,729 units in September 2022. Domestic two-wheeler sales registered a 6% growth, with 3,00,493 units sold during the month.
Significant rise in motorcycle and scooter sales
Motorcycle sales experienced a notable 10% increase to 1,86,438 units in September 2023 from 1,69,322 units the previous year. Scooter sales also saw an impressive growth of 8%, with 1,55,526 units sold compared to 1,44,356 units in September 2022. The TVS iQube Electric model contributed significantly to this growth, with sales surging to 20,356 units in September 2023 from just 4,923 units in September 2022.
Three-wheeler sales decline, exports see growth
While TVS Motor's two-wheeler sales flourished, its three-wheeler sales experienced a decline to 15,598 units in September 2023 compared to 17,282 units in the same month last year. However, total exports registered an overall growth of 8%, with sales increasing from 92,975 units in September 2022 to 1,00,294 units in September 2023. Two-wheeler exports alone saw an impressive growth of 11%, reaching a total of 86,462 units.
Q2 FY24 performance
During the second quarter of FY24, TVS Motor's two-wheelers posted a growth of 6% with sales of 10.3 lakh units, compared to 9,77,000 units in the second quarter of FY23. However, three-wheeler sales declined to 43,000 units in Q3 FY24 from 51,000 units year-on-year. On Friday, TVS Motors' share price ended 0.02% lower at Rs. 1,523 apiece on the BSE.
