TVS Motor Company has reported growth in sales YoY as well as MoM in Aug 2023
In the ever-evolving landscape of the automotive industry, keeping track of sales figures is crucial for both manufacturers and consumers alike. TVS Motor Company, one of India’s leading two-wheeler and three-wheeler manufacturers, has released its sales report for August 2023. Let’s dive into the numbers and analyze the year-on-year and month-on-month performance of the company.
Year-on-Year Performance (August 2023 vs. August 2022)
TVS Motor sold 1,53,047 motorcycles in August 2023, experiencing a slight decrease of 2.59% compared to August 2022 when they sold 1,57,118 units. Top selling TVS motorcycles include Apache, Raider, etc. Scooter sales showed a robust growth of 16.93%, with 1,42,502 units sold in August 2023 compared to 1,21,866 units in August 2022. iQube electric scooter witnessed an astonishing growth rate of 440.67%, selling 23,887 units in August 2023, compared to a mere 4,418 units in August 2022. These are highest ever sales registered by iQube.
TVS XL100 moped sales remained almost stable, with a marginal increase of 0.02%. In August 2023, TVS Motor sold 36,561 mopeds, while in August 2022, they sold 36,555 units. TVS Motor’s domestic two-wheeler sales saw a growth of 7.23%, with 2,56,619 units sold in August 2023 compared to 2,39,325 units in August 2022. In contrast, the company’s two-wheeler exports saw a marginal decline of -0.95%, with 75,491 units exported in August 2023 compared to 76,214 units in August 2022.
Domestic three-wheeler segment performed well, exhibiting a growth rate of 26.87%. In August 2023, TVS Motor sold 1,714 units, up from 1,351 units in August 2022. However, three-wheeler exports took a hit, declining by -28.84%, with 12,024 units exported in August 2023 compared to 16,897 units in August 2022.
Month-on-Month Performance (August 2023 vs. July 2023)
TVS Motorcycle sales showed a slight decrease of -0.58% compared to July 2023, with 1,53,047 units sold in August 2023. Scooter sales surged by 16.86% compared to July 2023, with 1,42,502 units sold in August 2023. iQube electric scooter continued its impressive growth trend, with a month-on-month increase of 79.52%, selling 23,887 units in August 2023. Moped sales witnessed a modest growth of 0.38%, with 36,561 units sold in August 2023 compared to 36,424 units in July 2023.
Domestic two-wheeler sales grew by 9.09% compared to July 2023, with 2,56,619 units sold in August 2023. Export numbers dipped by -2.06%, with 75,491 units exported in August 2023 compared to 77,077 units in July 2023. The domestic three-wheeler segment saw an increase of 11.73% compared to July 2023, with 1,714 units sold in August 2023. Three-wheeler exports experienced a minor decline of -0.92%, with 12,024 units exported in August 2023.
TVS Motor’s sales performance in August 2023 shows mixed results. While the company saw remarkable growth in the electric scooter segment and domestic scooter sales, there were declines in motorcycle sales, two-wheeler exports, and three-wheeler exports.
It’s important to note that the electric scooter segment’s outstanding performance signifies the growing demand for eco-friendly mobility solutions. This is a positive sign for TVS Motor as it aligns with the global shift towards electric vehicles. The company’s overall performance remains resilient, and TVS Motor continues to be a significant player in the Indian automotive industry. As market dynamics continue to evolve, it will be interesting to see how TVS Motor adapts and innovates to stay competitive in the coming months and years.