TVS Motor Company announced a 12% sales growth for May 2024, with total units sold rising to 369,914 from 330,609 in May 2023.
In the two-wheeler segment, TVS saw a 13% increase in sales, reaching 359,000 units compared to 319,000 units last year. Domestic sales grew 7% to 271,000 units from 252,000 units.
Motorcycle sales increased by 7% to 173,000 units from 162,000 units. Scooter sales saw a significant 20% rise, reaching 145,000 units from 121,000 units in May 2023. Electric vehicle sales also grew by 4%, with 18,674 units sold compared to 17,953 units last year.
The company’s exports saw a 27% increase, rising to 96,966 units from 76,607 units in May 2023. Two-wheeler exports surged 33% to 88,450 units from 66,605 units.
However, three-wheeler sales dropped to 10,324 units from 11,314 units in May 2023.
TVS Motor Company expects electric vehicles to make up 25-30% of its two-wheeler sales in the next two to three years. Managing Director Sudarshan Venu stated, “EV sales will only go up… We believe that 25-30 percent of TVS’ (two-wheeler) sales will be EV (electric vehicles) in two to three years. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them.”
Director and Chief Executive KN Radhakrishnan mentioned during a recent conference call that TVS Motor is focusing on both internal combustion engine (ICE) and electric vehicle (EV) launches this fiscal year. The company has already launched a new variant of its electric scooter, the iQube, and is working on its first electric three-wheeler to be introduced soon. TVS is also preparing to release the TVS X, a premium crossover electric two-wheeler.
In the fourth quarter of FY24, TVS Motor’s net profit increased by 18% to Rs 485 crore, driven by strong sales volumes, a healthy product mix, better pricing, and lower commodity costs. Revenue from operations rose by 24% to Rs 8,169 crore from Rs 6,605 crore in the same period last year.
