TVS Motor Company Records 3% Sales Growth in June 2023, Two-Wheeler and Electric Vehicle Sales Show Positive Momentum
In June 2023, TVS Motor Company experienced a 3% increase in sales, with the total units sold reaching 316,411 compared to 308,501 units in June 2022.
Two-Wheeler Sales:
The two-wheeler segment witnessed a 4% growth, with sales rising from 293,715 units in June 2022 to 304,401 units in June 2023. Domestic two-wheeler sales saw a remarkable 22% growth, reaching 235,833 units compared to 193,090 units in June 2022.
Motorcycle sales exhibited a 2% increase, with sales reaching 148,208 units in June 2023 compared to 146,075 units in June 2022. Scooter sales performed even better, experiencing an 11% growth as sales surged from 109,878 units in June 2022 to 121,364 units in June 2023.
Electric Vehicle Sales:
TVS iQube Electric, the company’s electric vehicle offering, recorded significant sales growth. In June 2023, TVS iQube Electric sold 14,462 units, showcasing substantial progress compared to the 4,667 units sold in June 2022. Despite a temporary decline in the first two weeks of June due to price adjustments following the reduction in FAME II subsidy, TVS iQube Electric’s order book remains robust, and sales are expected to improve continuously in the upcoming months.
International Business:
Total exports for TVS Motor Company in June 2023 reached 79,144 units, a decrease from the 114,449 units recorded in June 2022. In terms of two-wheeler exports, 68,568 units were sold in June 2023 compared to 100,625 units in June 2022.
Three-Wheeler Sales:
The three-wheeler segment witnessed sales of 12,010 units in June 2023, a decline from the 14,786 units sold in June 2022.
First Quarter Sales Performance:
For the first quarter of the current financial year, two-wheeler sales grew by 7%, with units sold increasing from 8.6 lakh in the first quarter of FY 22-23 to 9.18 lakh in the current quarter. Three-wheeler sales for the company reached 0.35 lakh units in the current quarter compared to 0.46 lakh units in the first quarter of FY 22-23
