TVS Motor Company Registers 3% Sales Growth In June 2023
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TVS Motor Company Registers 3% Sales Growth In June 2023

TVS Motor Company Reports Strong Q1 Results, Profits Up 46%

TVS Motor Company has reported a steady growth in sales for the month of June 2023. The company registered a 3 per cent increase in overall sales, with the number of units sold rising from 308,501 in June 2022 to 316,411 in June 2023.

The two-wheeler segment of TVS saw a 4 per cent growth, with sales reaching 304,401 units in June 2023 compared to 293,715 units in the same month last year. Notably, domestic two-wheeler sales recorded an impressive growth of 22 per cent, rising from 193,090 units in June 2022 to 235,833 units in June 2023.

In terms of specific categories, motorcycle sales experienced a modest growth of 2 per cent, with sales increasing from 146,075 units in June 2022 to 148,208 units in June 2023. On the other hand, scooter sales witnessed a notable growth of 11 per cent, with sales rising from 109,878 units in June 2022 to 121,364 units in June 2023.

TVS Motor Company’s foray into the electric vehicle (EV) market proved to be successful as well. The company’s electric scooter, TVS iQube Electric, witnessed a remarkable surge in sales, with 14,462 units sold in June 2023 compared to 4,667 units in June 2022. Despite a temporary decline in EV two-wheeler industry sales during the first two weeks of June, the TVS iQube Electric maintained a healthy order book, indicating a promising future for electric mobility.

In terms of international business, TVS Motor Company’s total exports saw a decline in sales, dropping from 114,449 units in June 2022 to 79,144 units in June 2023. Two-wheeler exports specifically witnessed a decrease from 100,625 units to 68,568 units during the same period.

In the three-wheeler segment, TVS Motor Company reported sales of 12,010 units in June 2023, showing a decline from 14,786 units in June 2022.

Looking at the first quarter of the current financial year, TVS Motor Company’s two-wheeler sales grew by 7 per cent, reaching 9.18 lakh units compared to 8.6 lakh units in the first quarter of the previous financial year. However, the three-wheeler segment experienced a decline, with sales dropping from 0.46 lakh units in the first quarter of FY 22-23 to 0.35 lakh units in the current quarter.

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