TVS two-wheelers see 22% growth in India sales, iQube posts significant growth

TVS Motor Company has announced that it registered a growth of four per cent in two-wheeler sales in June 2023, with 304,401 units sold last month, as compared to 293,715 units in the same month a year ago. The homegrown auto manufacturer also said that its domestic two-wheeler sales grew by 22 per cent to 235,833 units in June this year, from 193,090 units recorded in the same month a year ago.

TVS has further said that its motorcycle sales registered a marginal two per cent growth last month, with sales increasing from 146,075 units in June 2022 to 148,208 units in June 2023. On the other hand, its scooter sales registered a growth of 11 per cent with sales increasing from 109,878 units in the month of June 2022 to 121,364 units in June 2023.

TVS is among the few legacy two-wheeler manufacturers in India that are present in the electric vehicle segment. The TVS iQube electric scooter, which competes with rivals like the Ola S1 Pro and Ather 450X, also witnessed significant growth in June 2023. The electric scooter claims to have sold 14,462 units in June 2023, as compared to 4,667 units sold in June 2022. While in the domestic market, TVS has witnessed major sales growth, its export numbers dropped significantly in June 2023. The company registered sales of 68,568 motorcycles and scooters in the international market in June 2023 as against 100,625 units registered in June 2022.

The two-wheeler major has said that the first two weeks of June witnessed a decline in the electric two-wheeler industry's overall sales due to the readjustment in prices owing to the reduction in FAME 2 subsidy for the electric two-wheelers across India. However, it also claimed that the order book for the TVS iQube remains very healthy. The company further claimed that it is already witnessing a pick up in sales and is confident of continued improvement in the coming months.