TVS Motor has reported a growth across both domestic sales and exports in March 2024 with domestic sales up 8% and exports soaring 26.71% YoY
TVS Motor Company, the third best-selling two wheeler maker in India after Hero and Honda, has reported increased sales in March 2024, thus ending the past fiscal on a positive note. Total sales (domestic + exports) in March 2024 improved by 10% to 3,42,378 units, a growth of 40,007 units over 3,05,371 units sold in March 2023. The two wheeler maker has also registered their highest sales in FY2024 at 29,65,744 units overtaking Bajaj Auto by significant numbers.
TVS Domestic Sales March 2024
Taking into account domestic sales, TVS Motor has reported an 8.20% YoY growth. Sales which had stood at 2,40,780 units in March 2023 improved to 2,60,532 units in March 2024. This was a volume growth of 19,752 units. In the motorcycle segment, the company sells the Apache, Raider 125, Sport, Radeon, Ronin, etc while it has XL in the moped segment and Jupiter, Ntorq and iQube in the scooter segment out of which the iQube is its sole electric offering.
Leading the domestic sales list was TVS Jupiter with a 21.26% YoY growth. Sales improved to 71,390 units in the past month, up from 58,874 units sold in March 2023. Jupiter currently commands a 27.40% share. At No. 2 position was the XL moped with 40,867 unit sales in the past month, up 11.01% over 36,814 units sold in March 2023. In March 2024, the company also registered the names TVS XL EV and E-XL for their upcoming electric moped which is pegged for launch in September 2024 to rival the recently introduced Kinetic E-Luna.
Raider sales also improved tremendously by 22.66% YoY to 38,026 units in March 2024 up from 31,002 units sold in March 2023. However, thereafter the model lineup suffered a setback with the Apache (34,237 units), Ntorq (26,912 units), iQube (14,326 units) and Sport (11,934 units) each suffering a YoY de-growth. TVS recently increased prices of its iQube and iQube S electric scooters by Rs 3,000 and 6,000 respectively. This price hike comes in following a new Electric Mobility Promotion Scheme (EMPS) introduced by the Government of India following the FAME II scheme ending on 31st March 2024.
Lower down the domestic sales list and posting outstanding YoY growth was the Radeon with a 37.21% improvement in March 2024 to 11,232 units while it was exceptional demand seen for the Zest, sales of which grew by 188.63% YoY to 9,239 units in March 2024. The new Ronin added 1,911 units to TVS sales last month while the Apache 310 saw its sales up 8.78% to 446 units from 410 units sold in March 2023. Star City sales dipped 99.38% to just 12 units as compared to 1,931 units sold in the same month last year.
TVS Exports in March 2024 – Star City 125 in the Lead
TVS exports improved by 26.71% YoY in March 2024 to 81,846 units, up from 64,591 units sold in March 2024. This was a volume growth of 17,255 units. In the lead at No.1 on the export list was Star City 125 with 34,897 units sold last month, a 28.60% YoY growth from 27,136 units sold in March 2023 to command a 42.64% share on this list.
Apache exports also improved by 126.53% to 11,408 units from 5,036 units YoY while Star City saw a 51.85% YoY growth in exports to 11,372 units. A maximum YoY growth in exports was experienced by the TVS Raider which improved at the rate of 161.36% to 7,745 units in March 2024 from 3,346 units sold in March 2023.
Jupiter exports dipped 35.21% to 5,917 units in the past month while a 45.91% growth was reported for the TVS Sport to 5,625 units. The list also included the Ntorq (2,764 units) and XL (496 units) both of which have suffered massive YoY de-growth while there were 416 units of the relatively new Ronin exported last month. Apache 310 sales grew to 166 units from 90 units, an 84.44% growth on a YoY basis while iQube exports stood at 40 units in the said month from 0 units shipped in March 2023.
Source: Bike - rushlane.com
