TVS Motor sales grow 9% in May 2023; over 30,000 bookings pending for iQube
TVS Motor Company reported its sales for May 2023 and the company registered a nine per cent growth in cumulative (domestic + exports) sales. The manufacturer sold a total of 330,609 units in May this year, as against 302,982 units in May 2022. Total two-wheeler sales stood at 319,295 units last month, registering a growth of 11 per cent as compared to 287,058 units sold in May last year. The company also reported strong growth in EV sales with the iQube.
Domestic two-wheeler sales stood at 252,690 units in May 2023, growing by 32 per cent, as opposed to 191,482 units sold during the same period last year. Motorcycle sales contributed 162,248 units last month, growing by 9 per cent year-on-year as against 148,560 units sold in May 2022. Scooter sales grew by 3 per cent to 103,203 units last month, up from 100,665 units a year ago.
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TVS continues its strong growth momentum with 17,953 units of the iQube in May 2023, as against 2,637 units sold in May last year. The manufacturer beat Ather Energy to take second place in electric two-wheeler volumes, coming second to Ola Electric. TVS further revealed that it has an order bank of over 30,000 bookings for the iQube in the pipeline, and the company will be able to deliver the same as supply-chain constraints improve in the coming months. TVS announced revised prices for the iQube amidst the FAME II subsidy revision.
With respect to exports, TVS sold 76,607 units in May this year, registering a decline of 30.51 per cent year-on-year when compared to 110,245 units shipped overseas during the same period last year. Two-wheeler exports declined by nearly 31 per cent from 95,576 units in May last year to 66,605 units in May 2023. Lastly, three-wheeler volumes declined to 11,314 units, down by 29 per cent, from 15,924 units in May 2022.
