TVS Motor Company has delivered impressive sales figures for November 2023, showcasing a robust year-over-year growth of 31%. The total units sold during the month reached 3,64,231, a significant increase from the 2,77,123 units recorded in November 2022. While this marks a noteworthy achievement, it's essential to note a month-over-month decline from the record-breaking 4,34,714 units sold in October 2023, which had established the company's highest-ever monthly sales.
Key Highlights
Healthy Year-Over-Year Growth
In a positive development, TVS Motors witnessed a substantial 31% year-over-year growth, reflecting the company's strong performance in the market.
Total Sales for November 2023
The total units sold in November 2023 reached an impressive 3,64,231, showcasing the brand's sustained market presence and consumer demand.
Comparison with November 2022
A comparative analysis with the same month in the previous year reveals substantial progress, with a significant increase from 2,77,123 units in November 2022.
Month-Over-Month Decline
Despite the notable year-over-year growth, it's important to acknowledge a month-over-month decline. November 2023's TVS Apache RTR 160 2V figures dipped in comparison to the company's highest-ever monthly sales of 4,34,714 units in October 2023.
While the month-over-month decline from the exceptional October 2023 sales is noted, the company's consistent efforts and market strategies continue to contribute to its positive trajectory in the automotive industry. TVS Motor Company has marked a significant achievement in its November 2023 sales, revealing an impressive 33.55% year-over-year improvement in two-wheeler sales. Let's dive into the key highlights:
Two-Wheeler Sales Overview
Year-Over-Year Growth
Two-wheeler sales soared by 33.55%, reaching 3,52,103 units in November 2023, compared to 2,63,642 units in November 2022.
Month-Over-Month Decline
Despite the yearly surge, two-wheeler sales experienced a 16.29% decline from the previous month, falling from 4,20,610 units in October 2023.
Motorcycles Take the Lead
YoY Performance
Motorcycles witnessed higher demand, with sales reaching 1,72,836 units, reflecting a substantial 19.19% growth from November 2022.
MoM Decline
However, on a month-over-month basis, motorcycle sales dipped by 14.42%, coming down from 2,01,965 units in October 2023.
Market Share
Motorcycles now command a significant 49.09% share in TVS Motor Company's overall portfolio.
Scooters and Electric Mobility
Scooter Sales
Scooter sales exhibited a commendable 62.23% year-over-year growth, totaling 1,35,749 units in November 2023.
MoM Dip
Despite the annual increase, scooter sales experienced a 17.80% decline from the 1,65,135 units sold in October 2023.
TVS iQube Performance
TVS iQube, the company's electric scooter, reported a remarkable 66.89% YoY growth, reaching 16,782 units in November 2023.
MoM Downturn
However, on a month-over-month basis, iQube sales witnessed a 16.73% dip from the 20,153 units recorded in October 2023.
Mopeds and Three-Wheelers
Moped Growth
Moped sales showcased a positive 24.49% YoY growth, although a month-over-month decline of 18.67% was observed.
Three-Wheeler Performance
In the three-wheeler segment, total sales (domestic + exports) declined both year-over-year and month-over-month. Domestic markets, however, reported a positive 59.73% YoY growth.
Total (2W+3W) Sales
The combined total of two-wheeler and three-wheeler sales in November 2023 reached 3,64,231 units, marking a substantial 31.43% YoY growth and an 81,108 unit volume increase.
Domestic and Export Performance
Domestic Growth
Domestic two-wheeler and three-wheeler sales exhibited a robust 49.76% YoY growth, reaching 2,89,028 units.
Export Decline
Total exports, however, dipped by 10.62% YoY to 75,203 units.
Month-Over-Month
Both domestic and export figures experienced a decline, with a 16.65% dip in domestic sales and a 14.50% dip in exports from October 2023.
However, the company performed better in domestic markets with a59.73 percent YoY growth to 2,011 units from 1,259 units sold in November 2023. MoM sales were higher by 11.41 percent from 1,805 units sold in October 2023. Exports fell by 17.22 percent YoY and 17.74 percent MoM to 10,117 units. There had been 12,222 units and 12,299 units shipped in November 2022 and October 2023 respectively. This took total (2W+3W) (Domestic + Exports) to 3,64,231 units in November 2023, up 31.43 percent from 2,77,123 units sold in November 2022 while relating to an 81,108 unit volume growth. YoY domestic 2+3 wheeler sales were up 49.76 percent to 2,89,028 units from 1,92,989 units sold in November 2022 while total exports dipped 10.62 percent to 75,203 units from 84,134 units shipped in November 2022. On a MoM basis both domestic and exports dipped 16.65 percent and 14.50 percent respectively.