TVS Motor posts 12% sales growth, exports jump 27% in May

Mumbai: The Chennai-based TVS Motor Company posted an impressive sales growth of 12 per cent for May 2024, with total units sold rising to 369,914 from 330,609 in the same period last year.

In the two-wheeler category, the company’s sales jumped 13 per cent to 3.59 lakh units in May 2024, up from 3.19 lakh units in the same month last year.

In the domestic market, sales grew 7 per cent to 2.71 lakh units from 2.52 lakh units.

Motorcycle sales grew 7 per cent steadily year-on-year, reaching 1.73 lakh units from 1.62 lakh units. Scooter sales recorded a significant surge of 20 per cent to 1.45 lakh units from 1.21 lakh units in May 2023. Electric vehicle sales grew 4 per cent to 18,674 units from 17,953 units in May 2023.

The company’s exports increased 27 percent to 96,966 units in May 2024 from 76,607 units in May 2023. Two-wheeler exports surged 33 percent to 88,450 units from 66,605 units over the same period.

Three-wheeler sales, however, decelerated from 11,314 in May 2023 to 10,324 in May 2024.

TVS Motor Company anticipates electric vehicles to constitute 25 to 30 per cent   of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company is heavily investing in electric mobility and plans to expand its range to include electric bicycles and cargo three-wheelers.

“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,” Venu told a news agency.

 The automaker recently launched a variant of the iQube, its electric scooter, it is also working on its maiden electric three-wheeler (E3W) to be rolled out this fiscal.

Additionally, the company is also gearing up for the TVS X, a premium crossover electric two-wheeler displayed in Dubai last year, in the coming weeks.

In the fourth-quarter of FY24, TVS Motor’s profit jumped18 per cent

to Rs485 crore, driven by robust volumes, a healthy product mix, better pricing, and benign commodity costs.

Revenue from operations jumped by 24 per cent to Rs8,169 crore from Rs6,605 crore in the year-ago period.