TVS Sales Report for January 2024 Recording a Massive 23.41% YoY & 12.46% MoM Growth

TVS Motor Company, a major player in the two & three-wheeler manufacturing sector, showcased impressive sales performance in January 2024, with a particular focus on the two-wheeler segment. The company reported an overall growth of 23.41%, reaching a total of 3,39,513 units in January 2024, reflecting positive year-on-year (YoY) progress from the 2,75,115 units sold in January 2023. Furthermore, there was a month-on-month (MoM) sales improvement of 12.46% compared to the 3,01,898 units sold in December 2023.

In the two-wheeler segment, motorcycle sales surged by an impressive 28.56% YoY, reaching 1,55,611 units in January 2024, a substantial increase from the 1,21,042 units sold in the same period the previous year. This translated to a volumetric growth of 34,569 units, with motorcycles commanding a significant 47.16% share. Notably, the TVS Apache and Raider motorcycles maintained their popularity, securing positions on the top 10 motorcycle sales list.

Scooter sales also exhibited positive growth, witnessing a 24.17% YoY increase to 1,32,290 units in January 2024, up from 1,06,537 units sold in January 2023. This resulted in a volume growth of 25,753 units, with scooters commanding a notable 40.10% share. Within the scooter segment, the TVS Jupiter and Ntorq models continued to be favored choices among consumers.

Electric Scooter & Mopeds Success: iQube Leads the Charge

TVS's foray into the electric scooter market proved successful, with the iQube e-scooter experiencing an impressive 33.75% YoY growth. In January 2024, the iQube recorded sales of 16,276 units, showcasing substantial progress from the 12,169 units sold in Jan 2023. This amounted to a noteworthy volume growth of 4,103 units.

Moped sales also contributed to the positive momentum, witnessing a YoY improvement of 13.21% to reach 42,035 units. The combined success of motorcycles, scooters, electric scooters, and mopeds resulted in a total of 2,68,233 units sold in the two-wheeler segment in January 2024. This marked a robust 23.91% growth compared to the 2,16,471 units sold in January 2023, reflecting TVS Motor Company's strong position in the market.

 

In January 2024, exports demonstrated a year-on-year (YoY) growth of 27.91%, reaching 61,704 units compared to 48,239 units in January 2023. This contributed to a 24.64% increase in the overall 2-wheeler (2W) sales, totaling 3,29,937 units, up from 2,64,710 units in January 2023. Within the 3-wheeler (3W) segment, domestic sales experienced a rise of 19.57%, reaching 1,937 units from 1,620 units in January 2023. Conversely, 3W exports declined by 13.04% YoY to 7,639 units in January 2024, down from 8,785 units in January 2023. Consequently, the total 3W sales recorded a 7.97% decrease, totaling 9,576 units in January 2024 compared to 10,405 units in January 2023.

For TVS, the combined (2+3W) domestic sales marked a substantial YoY growth of 23.88%, reaching 2,70,170 units in January 2024, up from 2,18,091 units in January 2023. Concurrently, exports also exhibited a 21.60% YoY growth, totaling 69,343 units. This cumulative performance resulted in a 23.41% YoY growth in total sales, amounting to 3,39,513 units.

Analyzing the month-on-month (MoM) sales for January 2024, the combined (2+3W) total sales, including both domestic and exports, grew by 12.46% compared to December 2023, reaching 3,39,513 units. This represents a volume increase of 37,615 units. Both motorcycle and scooter sales contributed to this growth, with motorcycle sales improving by 5.11% MoM to 1,55,611 units, and scooter sales increasing by 28.23% to 1,03,167 units. Motorcycles and scooters held a respective 51.04% and 35.57% share in the overall sales.

In January 2024, the sales performance of e-scooters and mopeds demonstrated notable month-on-month (MoM) improvements, with a growth of 44.91% and 8.21%, respectively. This resulted in sales figures of 11,232 units for e-scooters and 38,848 units for mopeds, surpassing the December 2023 figures. Consequently, the overall two-wheeler (2W) sales witnessed a 24.77% MoM increase, totaling 2,68,233 units in January 2024, up from 2,14,988 units in December 2023. On the export front, however, there was a decline of 17.81% in the shipment of two-wheelers, with January 2024 recording 75,076 units compared to December 2023.

Within the three-wheeler (3W) segment, domestic sales experienced a substantial MoM improvement of 27.52%, reaching 1,937 units in January 2024 compared to 1,519 units in December 2023. Conversely, 3W exports saw a significant dip of 25.94%, amounting to 10,315 units in January 2024, down from the 13,834 units shipped in December 2023. This led to a 19.08% decrease in total 3W exports, totaling 9,576 units in January 2024, compared to 11,834 units in December 2023. The overall domestic (2+3W) sales recorded a 24.79% MoM improvement, while exports (2+3W) declined by 18.79% on a MoM basis.

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