TVS Motor total sales of two and three wheelers grew substantially on a YoY basis by 11.89% though MoM sales declined on account of lower two wheeler sales
TVS Motor Company has recorded outstanding sales growth in May 2024 on a YoY basis showing off its positive outlook in what is considered a highly competitive market. The company achieved an overall 11.89% YoY growth in May 2024 with sales across its two and three wheeler segment as well as 2 wheeler domestic sales and exports showing off an uptick. Three wheeler exports however experienced a sharp decline.
TVS Motor 2W and 3W Sales May 2024 – YoY Performance
TVS Motor achieved a 11.89% YoY improvement in sales (2W+3W) to 3,69,914 units as compared to 3,30,609 units in May 2023 relating to a 39,305 volume increase. Taking only two wheeler sales into account, motorcycle sales grew by 7.01% to 1,73,627 units, up from 1,62,248 units in May 2023. Motorcycles currently command a 48.28% share as against 40.41% held by scooter sales which have also improved by 19.93% YoY to 1,45,305 units. There had been 1,21,156 units sold in May 2023.
Electric scooter sales grew by 4.02% YoY to 18,674 units while moped (XL100) sales were up 13.28% to 40,658 units. This took 2 wheeler domestic sales up 7.30% to 2,71,140 units in May 2024 from 2,52,690 units sold in May 2023 while exports surged 32.80% to 88,450 units. Total 2W (domestic + exports) sales thus increased 12.62% YoY to 3,59,590 units in the past month, up from 3,19,295 units sold in May 2023. Total 2W sales stood at 3,74,592 units in April 2024 relating to a significant MoM decline.
Across the three wheeler segment as well, company sales increased by 37.80% in terms of domestic sales which improved to 1,808 units in the past month while exports fell by 14.86% from 10,002 units shipped in May 2023 to 8,516 units in May 2024. Lower exports resulted in lower total 3W sales by 8.75% to 10,324 units in May 2024. Total 2+3W domestic sales stood at 2,72,948 units, a 7.46% YoY growth while total exports of 2+3 wheeler improved by 26.58% to 96,966 units.
Month on Month (MoM) Performance – May 2024 Vs April 2024
TVS has reported a 7.70% MoM decline in motorcycle sales in May 2024 to 1,73,627 units while scooter sales improved just marginally by 0.82% over 1,44,126 units sold in April 2024. E-scooter sales also saw a 7.30% growth while moped sales suffered a 4.01% setback over 42,356 units sold in April 2024.
Total two wheeler domestic sales thus dipped by 10.05% form 3,01,449 units sold in April 2024 to 2,71,140 units sold in May 2024 while exports increased by 20.93% to 88,450 units from 73,143 units shipped in April 2024. Total 2 wheeler sales thus saw a 4% MoM decline over 3,74,592 units sold.
TVS Motor Company saw better performance across its three wheeler segment with domestic sales up 9.05% while exports surged 15.63% taking total 3 wheeler sales to 10,324 units in the past month, up 14.42% over 9,023 units sold in April 2024. Lower total (2+3W) domestic total sales by 9.95% but higher exports by 20.44% took total sales to 3,69,914 units in the last month, down by 3.57% over 3,83,615 units sold in April 2024.
In other news, TVS has commenced deliveries of the TVS iQube top spec ST trim. It now receives a larger battery pack thereby relating to a higher range. TVS also plans to launch its first electric three wheeler as well as electric moped, for which TVS XL EV And E-XL names have been registered.
