TVS Motor Company has announced a substantial 31% surge in total sales for November 2023, dispatching a remarkable 3,64,231 units. This marks a notable leap from the 2,77,123 units sold in November 2022.
A deeper look into the categories reveals that two-wheeler sales spearheaded the growth, recording a 34% increase with 3,52,103 units sold in November 2023 compared to 2,63,642 units in the same month last year. Of particular note, domestic sales in this segment witnessed a remarkable 50% jump, reaching 2,87,017 units in November 2023 against 1,91,730 units in the previous year.
Motorcycles continued their steady performance with a 19% growth, totaling 1,72,836 units. However, the scooter segment stole the spotlight, boasting a dramatic 62% increase with 1,35,749 units sold, significantly up from 83,679 units in November 2022.
A standout achievement for the company was the robust sales of its iQube electric scooter, which saw a sales volume of 16,782 units in November 2023 – a substantial rise from the 10,056 units sold a year ago.
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While three-wheeler sales experienced a slight dip, totaling 12,128 units compared to 13,481 units in November 2022, TVS Motor’s overall performance remains robust. However, the company did witness a decrease in total exports, which stood at 75,203 units in November 2023, down from 84,134 units in the corresponding month last year.
Looking ahead, TVS Motor Company is setting its sights on the rapidly evolving electric vehicle market, particularly in the two-wheeler segment. The company plans to introduce an array of products ranging from 5 to 25 kilowatts, along with ramping up the production capacity of the iQube electric scooter to 25,000 units per month. Additionally, the much-anticipated launch of the new electric scooter, TVS X, is set to occur this quarter.
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K N Radhakrishnan, Director and CEO of TVS Motor, highlighted the company’s ambitious expansion plans, including increasing the network of nearly 400 touchpoints for e-scooters and tapping into international markets, particularly in the three-wheeler segment. These steps underscore TVS Motor’s commitment to broadening its global footprint and fortifying its position in the competitive automotive market.
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