Comments
TVS Motor Company has reported a 22 per cent increase in its domestic two-wheeler sales in June 2023 when compared with its June 2022 volumes.
The company’s total domestic two-wheeler sales stood at 2,35,833 units in June 2023 against 1,93,090 units during same period last year on account of strong growth in scooter sales.
Motorcycle sales witnessed a marginal growth of 2 per cent at 1,48,208 units against 1,46,075 units in June 2022. This is largely due to demand in the rural market, which drives sales in the commuter segment, is still in the recovery phase.
However, supported by improved demand in the urban centres, scooter sales registered a growth of 11 per cent at 1,21,364 units against 1,09,878 units in June 2022.
TVS Motor’s electric scooter sales were hit (on a month-on-month basis) due to a reduction in subsidy by the government. However, it was higher when compared with last year’s volumes. Sales of its electric scooter iQube were at 14,462 units in June 2023 against 17,953 units in May 2023 and 4,667 units in June 2022.
The sales of EV two-wheelers decreased in the first two weeks of June as the companies adjusted prices on account of reduction in FAME-II subsidy by the government.
“However, TVS iQube’s order book remains very healthy. We are already seeing a pick-up in sales and are confident of continued improvement in the coming months,” the company said.
Its two-wheeler exports nosedived to 68,568 units in June 2023 when compared with 100,625 units in June 2022.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.