TVS Motor Company has achieved a significant milestone by reporting its highest-ever monthly sales in October 2023 and the company witnessed positive outcomes in both its motorcycle and scooter segments experiencing growth in both domestic and global markets. In the past month, the total sales, combining domestic and exports, reached an impressive 4,19,292 units. This marks a substantial increase from the 3,43,614 units sold in October 2022 reflecting a volume growth of 75,615 units. Additionally, there was a month-on-month growth compared to the total of 3,85,443 units sold in September 2023 with domestic sales contributing 3,00,493 units and exports accounting for 84,950 units.
Domestic Sales Overview
In October 2023, the domestic market showcased robust growth, totaling 3,44,957 units. This represents a substantial 25.01 percent year-on-year increase compared to the 2,75,934 units sold in October 2022. The domestic segment’s performance contributed significantly to the overall volume growth registering an impressive 69,023 unit increase.
The TVS Jupiter emerged as the leader in domestic sales achieving 91,824 units sold in October 2023. This marked a notable 19.19 percent growth from the 77,042 units sold in October 2022. The TVS Jupiter holds a commanding 26.62 percent share in the company’s lineup. In October 2023, TVS introduced the new Jupiter 125 SmartXonnect expanding the lineup to three variants: Drum Alloy, Disc, and SmartXonnect, with prices ranging from Rs 86,405 to Rs 96,855 (ex-showroom).
The TVS XL secured the second position in domestic sales, with 53,162 units sold last month. This reflected a significant year-on-year growth of 19.10 percent from the 44,638 units sold in October 2022. The TVS Raider also demonstrated exceptional performance, experiencing a remarkable 96.59 percent year-on-year growth with sales reaching 47,483 units in October 2023, compared to 24,153 units in the same month last year. However, Apache reported a slight decline in sales, down by 4.39 percent year-on-year to 39,187 units from the 40,988 units sold in October 2022.
The iQube electric scooter stood out with the highest sales growth, surging by an impressive 148.32 percent year-on-year. Sales of the iQube increased from 8,103 units in October 2022 to 20,121 units in the past month and this exceptional performance indicates a growing demand for electric scooters in keeping with the movement in the industry toward sustainable transportation.
While the TVS Ntorq (34,476 units) and Sport (24,864 units) experienced sales growth at 11.04 percent and 37.17 percent year-on-year, respectively, the Star City witnessed a decline in sales by 22.76 percent, with figures dropping to 5,784 units in October 2023 from 7,488 units in October 2022. Additionally, the Ronin and the TVS 310 recorded sales of 2,620 units and 1,049 units, respectively with the latter exhibiting an outstanding 186.61 percent year-on-year growth from the 366 units sold in October 2022.
Export Performance in October 2023
TVS Motor Company’s strong global reach translated into notable export performance, with exports improving by 9.84 percent in October 2023. Total exports reached 74,337 units, compared to 67,680 units in October 2022. The international markets witnessed diverse sales performances across different models.
In the export market, the TVS Star City 125 emerged as the top performer, with sales reaching 47,550 units. This marked a substantial 115.82 percent increase from the 22,032 units sold in October 2022, commanding a significant 63.97 percent share on the export list.
The Apache secured the second position in exports with 8,394 units sold last month. This reflected a notable 9.27 percent year-on-year growth from the 7,682 units sold in October 2022. The Jupiter also demonstrated strong export performance, with a 115.94 percent increase to 5,718 units in October 2023 from 2,648 units in the same month last year. Additionally, the TVS Ntorq experienced higher exports growing by 51.67 percent year-on-year to 5,554 units in October 2023 from 3,662 units in October 2022.
The Raider witnessed a modest increase in exports, with 4,253 units shipped last month reflecting a 4.24 percent growth over the 4,080 units exported in October 2022. However, TVS Sport experienced a decline in exports falling by 58.18 percent to 1,878 units in October 2023 compared to 4,491 units shipped in October 2022. The Ronin and the TVS XL contributed to export figures with 628 units and 348 units respectively. On the other hand, exports of the RR310 faced a substantial decline of 90.41 percent, with only 14 units shipped in October 2023, down from 146 units in October 2022.
Conclusion
TVS Motor Company’s outstanding performance in October 2023 reflects the success of various models in both domestic and international markets with a notable focus on electric scooters and the expansion of its product lineup. As TVS Motor Company continues to expand its product portfolio and strengthen its global footprint the future looks promising for this dynamic player in the two-wheeler market.
2023-11-23 19:39:18
