TVS Motor Posts 13% Sales Growth In August 2024 Amid Strong Domestic And Export Performance

TVS Motor Company reported a significant 13% year-on-year increase in total sales for August 2024, achieving 391,588 units compared to 345,848 units sold in August 2023. This impressive growth is largely due to the robust performance in the two-wheeler segment, which saw a 14% rise in sales. The company sold 378,841 two-wheelers during the month, with the domestic market alone contributing 289,073 units, marking a 13% increase over the previous year.

Motorcycles and scooters were key drivers of this growth. Motorcycle sales rose by 11%, reflecting the strong demand in this segment, while scooter sales outpaced this with a 15% increase. This indicates a broad-based recovery in consumer demand across both urban and rural markets, where TVS Motor has a strong presence.

The electric vehicle (EV) segment also performed well, with a 4% increase in sales, reaching 24,779 units in August 2024, compared to 23,887 units in the same month last year. While the growth in EV sales was more modest compared to other segments, it underscores the company’s commitment to expanding its electric mobility offerings, a critical area of focus as the industry shifts towards greener technologies.

On the international front, TVS Motor’s exports continued to thrive, with a 14% increase in total export sales, reaching 99,976 units. This growth was primarily driven by a 19% surge in two-wheeler exports, which amounted to 89,768 units.

However, the company’s three-wheeler segment experienced a slight decline, with sales dipping to 12,747 units from 13,738 units in August 2023.

TVS Motor Company reported a 9% growth in total sales for July 2024, reaching 354,140 units, up from 325,977 units in July 2023. This increase was driven by a 9% rise in two-wheeler sales, with scooters seeing a 15% surge. Electric vehicle sales grew significantly by 61%, reflecting the shift towards sustainable transport. Export sales also grew by 9%, with a notable 11% increase in two-wheeler exports. The three-wheeler segment saw a 6% increase in sales.