Mumbai: India’s third largest motorcycle maker TVS Motor Co Ltd said on Monday it vehicles sales fell for a 12th straight month to 95,235 vehicles in February, down 21% on year.
The company, which lags Hero Honda Motors and Bajaj Auto in sales, said its motorcycle sales fell by a third to 46,565 units, it said in a statement.
Scooter sales fell 29% to 14,126 units and exports rose 56% to 12,523 units, it added.
Earlier Hero Honda and Bajaj Auto said their February sales fell 5.4% and 9% respectively.
“Restricted availability of retail finance and high interest rates combined with stringent norms followed by financiers continued to affect the sale of two wheelers,” TVS said.
“In addition, non-availability of the recently launched 125 cc TVS Flame has made the company practical absent in the executive segment, which forms approximately 50% of the market.”
TVS, caught in a legal wrangle with Bajaj Auto over an engine technology used in Flame, has been restrained from selling the bike by the Madras High Court.
TVS plans to relaunch the Flame bike with a new engine this month.