New Delhi: TVS Motor Company has showcased remarkable growth, with sales increasing by 12% from 317,152 units in March 2023 to 354,592 units in March 2024.
Significant Sales Growth Across Segments
Two-Wheeler Sales Surge:
The total two-wheeler sales witnessed a notable increase of 12% from 307,559 units in March 2023 to 344,446 units in March 2024. Moreover, domestic two-wheeler sales grew by 8% from 240,780 units to 260,532 units during the same period.
Boost in Exports:
TVS Motor Company’s total exports recorded an impressive growth of 23%, soaring from 75,037 units in March 2023 to 91,972 units in March 2024. Two-wheeler exports also saw a substantial growth of 26%, escalating from 66,779 units to 83,914 units.
Segment-Wise Performance:
- Motorcycles witnessed a significant growth of 22%, with sales rising from 141,250 units in March 2023 to 171,611 units in March 2024.
- Scooters showed a modest growth of 2%, with sales increasing from 128,817 units to 131,472 units during the same period.
Achievements and Milestones:
TVS Motor Company achieved its highest Vahan retails in March 2024. Moreover, the company’s electric vehicle dispatches were moderated to facilitate a smooth transition into the new EV incentive scheme introduced by the Government. Electric vehicles recorded sales of 15,250 units in March 2024, slightly lower than the 15,364 units sold in March 2023.
Steady Growth in Three-Wheelers:
The company’s three-wheelers segment also witnessed a growth of 6%, with sales increasing from 9,593 units to 10,146 units in March 2024 compared to March 2023.
Strong Performance in Q4 FY 2023-24:
During the fourth quarter of the financial year 2023-24, two-wheeler sales registered a robust growth of 23%, surging from 8.40 lakh units in the fourth quarter of FY 2022-23 to 10.32 lakh units. Three-wheelers also saw a growth of 4%, with sales increasing from 0.29 lakh units to 0.30 lakh units during the same period. Additionally, total exports grew by an impressive 40%, escalating from 1.85 lakh units to 2.50 lakh units in the current quarter compared to the last quarter of FY 2022-23.
Annual Performance Overview:
For the financial year 2023-24, TVS Motor Company registered a substantial growth of 14%, with total sales increasing from 36.82 lakh units in FY 2022-23 to 41.91 lakh units. Two-wheeler sales also witnessed a commendable growth of 15%, rising from 35.12 lakh units to 40.45 lakh units. However, the three-wheelers segment saw a slight decline from 1.69 lakh units in FY 2022-23 to 1.46 lakh units in FY 2023-24. Total exports amounted to 10.13 lakh units in FY 2023-24, down from 10.68 lakh units in FY 2022-23.