In a remarkable achievement, TVS Motor Company has recorded its highest-ever sales, showcasing an impressive growth trajectory. The company reported a substantial increase in sales figures, surpassing the 3 lakh mark for bike sales in March 2024 alone.
Impressive Growth Figures
TVS Motor Company announced a 12% growth in sales, with March 2024 witnessing a significant jump to 3,54,592 units from 3,17,152 units in March 2023. This growth is particularly notable in the two-wheeler segment, which saw a 12% increase in sales, reaching 3,44,446 units in March 2024 compared to 3,07,559 units in March 2023. The domestic two-wheeler sales also showed an 8% increase, rising from 2,40,780 units in March 2023 to 2,60,532 units in March 2024.
Rising Demand and Market Expansion
The surge in sales can be attributed to several factors, including the successful launch of the TVS iQube electric scooter, which has garnered significant demand in the Indian market. In March 2024, TVS recorded its highest retail sales for electric vehicles, with 15,250 units sold compared to 15,364 units in March 2023.
International Business Growth
TVS Motor Company’s international business segment has also witnessed substantial growth, with a remarkable 23% increase in exports. March 2024 saw exports reaching 91,972 units, up from 75,037 units in March 2023. The export of two-wheelers saw a 26% rise, with sales climbing from 66,779 units in March 2023 to 83,914 units in March 2024.
Expansion Plans
Looking ahead, TVS Motor Company has announced its entry into the French market through a strategic partnership with Emil Frey, a renowned company with a strong demand for vehicles in Europe. This strategic move underscores TVS’s commitment to global expansion and catering to diverse markets.
In summary, TVS Motor Company’s exceptional performance in FY 2023-24 reflects its strong market position, innovative product offerings, and strategic initiatives aimed at meeting customer demands and expanding its global footprint.
| Aspect | March 2023 Sales | March 2024 Sales | Growth Rate |
|---|---|---|---|
| Total Sales | 3,17,152 units | 3,54,592 units | 12% increase |
| Two-Wheeler Segment | 3,07,559 units | 3,44,446 units | 12% increase |
| Domestic Two-Wheeler Sales | 2,40,780 units | 2,60,532 units | 8% increase |
| Electric Vehicle Sales | 15,364 units | 15,250 units | Slight decrease |
| Export Sales | 75,037 units | 91,972 units | 23% increase |
| Two-Wheeler Export Sales | 66,779 units | 83,914 units | 26% increase |
This table provides a concise overview of TVS Motor Company’s sales performance, highlighting the growth rates and sales figures across different segments from March 2023 to March 2024.