TVS Motor sales up 15% to 333,787 units in August, exports slip | Tech Reddy


Two and three wheeler maker TVS Motor reported a 15 percent rise in its sales by selling 3,33,787 units in August, the company said on Thursday.

The city-based company had registered 2,90,694 units in one month last year, a company statement said here.

Total two-wheeler sales by the company saw a growth of 15 percent in August with sales rising to 3,15,539 units from 2,74,313 units sold in the same month last year.

Domestic two-wheeler sales grew 33 percent to 2,39,325 units in August 2022 from 1,79,999 units in August 2021.

Motorcycle sales grew to 1,57,118 units in August 2022 from 1,33,789 units sold in the same month last year while scooter sales breached one lakh units with 1,21,866 units against 87,059 sold in August 2021.

The company said that with positive market sentiment and the upcoming holiday season, it is optimistic about the demand for the domestic two-wheeler market.

“As the availability of semiconductors is supported by access to a balanced supply chain, the company is now ready to meet the demand for entertainment,” said TVS Motor.

In the export segment performance, the company said total sales registered at 93,111 units in August 2022 as against 1,09,927 units exported in August 2021.

Exports of the two goods were registered at 76,214 units in August 2022 compared to 94,314 units produced in the same month last year.

“While some geographies are experiencing economic slowdowns and high inflation, the company hopes to return to normal levels,” it said.

The three-wheeler industry grew by 11 percent in August 2022 with 18,248 units sold compared to 16,381 units sold in August 2021.

The company said it sold 4,418 units of the TVS iQube Electric scooter in August 2022 compared to 649 units in August 2021.

“TVS iQube Electric continues to receive great response from customers, showing strong growth in consolidated sales, and a pool of future demand,” the company said.

In a new venture, TVS Motor has announced an investment in DriveX — a startup by Formula-1 motor racing legend Narain Karthikeyan that aims to create innovative solutions to increase offerings in the country’s former two-wheeler space. , the report added.

(Only the content and image of this report may be reused by Business Standards staff; the rest of the content is generated automatically from the aggregated feed.)


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