TVS Motor Company sales grows by 15% in August 2022
TVS Motor Company has reported a growth of 15 per cent in August 2022 as compared to August 2021. The manufacturer sold 290,694 units in August 2021, the units have increased to 333,787 for August 2022. The manufacturer is optimistic that with the festive season approaching, the market situation would be better in terms of demand. TVS also believes that they would be able to fulfil the supply considering that there is a gradual improvement in terms of the availability of semi-conductors.
The domestic two-wheeler growth has increased by 15 per cent from 274,313 units in August 2021 to 315,539 units in August 2022. The domestic two-wheelers registered a growth of 33% with sales increasing from 179,999 units in August 2021 to 239,325 units in August 2022.
The sales figures for motorcycles increased from 133,789 units in August 2021 to 157,118 units in August 2022. That is a growth of 17 per cent. The number of scooters sold also increased quite a bit. In August 2021, TVS sold 87,059 whereas this year, in August the sales figure went up to 121,866 units. That is an increase of 40 per cent.
Then there are the electric vehicles. TVS currently has three variants of the iQube electric scooter on sale in the Indian market. The manufacturer gave a significant update to the scooter so that it can compete better in the Indian market where there are a lot of new rivals. The company sold 4,418 units of TVS iQube Electric in August 2022 as against sales of 649 units in August 2021. That is a substantial improvement over the previous year.
The export numbers for the manufacturer have gone down. The export figures for August 2022 stand at 93,111 units. Last year, during the same period, export figures were 109,927 units. TVS is still optimistic that the sales figure will return to normal levels gradually as some countries are experiencing economic slowdowns and higher inflation rates.