TVS Motor Company Records 27.83% YoY Growth in Two-Wheeler Domestic Sales in February 2023; iQube e-scooter Sales Growth
TVS Motor Company reported YoY growth of 27.83 percent in its two-wheeler domestic sales, which stands at 2,21,402 units in Feb-23 as compared to 1,73,198 units in Feb-22. Motorcycle sales declined by 12.04 percent YoY with 1,26,243 units sold in Feb 23, down from 1,43,523 units sold in Feb 22.
The scooter segment, on the other hand, showed positive growth of 21.02 percent YoY. 1,04,825 units sold in Feb 23 as compared to 86,616 units sold in Feb 22. The fairly newly introduced e-scooter segment has shown tremendous growth of 593.57 percent YoY. 15,522 units sold in Feb 23 as compared to 2,238 units sold in Feb 22. This was the 4th consecutive month when sales surpassed 10k units. Demand for iQube is strong.
Moped and 3W sales decline in February 2023
Moped segment witnessed a decline of 4.08 percent YoY. 35,958 units sold in Feb 23 as compared to 37,486 units sold YoY. The company’s total two-wheeler sales have remained flat, with a marginal decline of 0.22 percent YoY. 2,67,026 units sold in Feb 23. 2,67,625 units sold a year earlier.In terms of 2W exports, the company recorded a decline of 51.68 percent YoY. 45,624 units sold in Feb 2023. Down from 94,427 units in Feb-22.
3W domestic sales, on the other hand, have shown growth of 42.57 percent YoY. 1,343 units sold in Feb-23, up from 942 units sold in Feb-22. However, three-wheeler exports have declined by 40.82% YoY. Down to 7,781 units in Feb 2023 from 13,147 units in Feb-22. TVS’ total domestic 2W and 3W sales have grown by 27.91 percent YoY. 2,22,745 units sold in Feb 23, up from 1,74,140 units YoY. Total exports of two and three-wheelers declined by 50.36% YoY. Down to 53,405 units from 1,07,574 units.
February 2023 – Scooters and e-scooter growth; motorcycles and mopeds decline
TVS Motor Company recorded strong YoY growth in its two-wheeler domestic sales in Feb-23. Scooter and e-scooter segments have shown positive growth, whereas motorcycle and moped segments witnessed decline. The company’s exports have declined significantly, while its domestic sales have grown. In the end, fall in exports exceeded gains in the domestic market to end in the red. Total sales fell to 2,76,150 units from 2,81,714 units. Volume loss stood at 5,564 units at almost 2 percent decline.
TVS Motor Company has a strong presence in the domestic market. The company has been focusing on expanding its product portfolio, with a great emphasis on the scooter and e-scooter segments, to cater to customer preferences. Decline in export sales could be attributed to the challenging global economic environment, and supply chain disruptions.
MoM 2W domestic sales growth
MoM growth of 2.13 percent in domestic (2+3W) sales in Feb-23, with 2,22,745 units sold. Up from 2,18,091 in Jan-23. However, MoM exports (2+3W) declined by 6.35 percent. Down to 53,405 units from 57,024 units in the same period. Overall, the company registered marginal MoM growth of 0.38 percent. MoM, total domestic two-wheeler sales increased by 2.28 percent to 2,21,402 units, from 2,16,471 units in Jan-23.
In the motorcycle segment, MoM growth is reported at 4.30 percent, up from 1,21,042 units. MoM scooter sales declined by 1.61 percent. However, e-scooter sales continued to show strong growth momentum with MoM growth of 27.55 percent, up from 12,169 units. Moped sales MoM decline is reported at 3.16 percent, down from 37,131 units. In the three-wheeler segment, TVS Motor’s MoM domestic sales declined by 17.10 percent. Down from 1,620 units. MoM 3W exports declined by 11.43 percent, down from 8,785 units. Total MoM 3W decline is reported at 12.31 percent.
Source: Bike - rushlane.com
