TVS Motor reports strong performance with 12% growth in two-wheelers, 57% rise in EV sales, and 25% increase in exports, while three-wheeler sales decline compared to the previous year.
01 Dec 2024 | 2970 Views | By Sarthak Mahajan
TVS Motor Company reported total sales of 401,250 units in November 2024, reflecting a 10% increase compared to 364,231 units in November 2023.
In the two-wheeler segment, sales grew by 12%, rising from 352,103 units in November 2023 to 392,473 units in November 2024. Domestic two-wheeler sales increased ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
TVS Motor Company reported total sales of 401,250 units in November 2024, reflecting a 10% increase compared to 364,231 units in November 2023.
In the two-wheeler segment, sales grew by 12%, rising from 352,103 units in November 2023 to 392,473 units in November 2024. Domestic two-wheeler sales increased by 6%, reaching 305,323 units in November 2024 compared to 287,017 units in the same month last year.
Within the segment, motorcycles recorded a 4% growth, with sales increasing from 172,836 units in November 2023 to 180,247 units in November 2024. Scooters saw a 22% growth, with sales rising from 135,749 units in November 2023 to 165,535 units in November 2024.
Electric vehicle (EV) sales grew by 57%, with 26,292 units sold in November 2024, compared to 16,782 units in the previous year.
In the international market, the company’s total exports increased by 25%, reaching 93,755 units in November 2024, up from 75,203 units in November 2023. Two-wheeler exports grew by 34%, with 87,150 units sold in November 2024, compared to 65,086 units in November 2023.
The three-wheeler segment recorded sales of 8,777 units in the three-wheeler segment, reflecting a decline compared to the 12,128 units sold in November 2023. This marks a decrease of 27.6% year-on-year in this category.
The drop in three-wheeler sales comes amidst the company’s overall positive performance across other segments, highlighting a contrast in market demand. Despite this decline, the company continues to serve a wide range of customers in the three-wheeler category, which primarily caters to commercial and passenger transport needs in India.
The decrease in sales can be attributed to changing market dynamics, increased competition, or shifts in consumer preference, with electric vehicle adoption playing a potential role in diverting attention from traditional three-wheelers. However, the sales figures underscore the continued relevance of three-wheelers in the Indian market as an affordable and efficient transportation solution.
TVS Motor Company’s performance in this segment will likely depend on how the company adapts its strategies to meet evolving consumer demands and regulatory requirements, including potential developments in electric and hybrid three-wheelers. The November 2024 sales data provides insight into the challenges and opportunities facing the three-wheeler segment in the Indian automotive market.
The company’s flagship electric scooter, the TVS iQube, has gained traction among urban consumers seeking eco-friendly commuting solutions. To further its reach, TVS has been strengthening its EV production capacity and expanding its charging infrastructure, ensuring accessibility across key regions in India.
In the first 11 months of 2024, TVS’s EV sales crossed the 200,000-unit mark, contributing significantly to the overall growth of the electric two-wheeler market in India. The company’s investments in advanced battery technologies, localized manufacturing, and innovation-driven product development have been pivotal in making EVs more affordable and reliable for Indian consumers.