New Delhi: TVS Motor Co, the country’s third largest two-wheeler maker reported a 26.61% dip in motorcycle sales during October as potential customers deferred plans to buy vehicles in the wake of higher interest rates.
Bike sales fell to 67,752 units in October as against 92,328 units in the corresponding month last year. The company’s total two-wheeler sales during the month also slipped 9% to 1,29,614 units as against 1,42,325 units in October last year, TVS said in a statement.
TVS said launch of its 125cc Flame this month is expected to boost sales during the remaining period of current fiscal. “Sales are expected to move upwards with the launch of TVS Flame that will strengthen the company’s presence in the executive segment that accounts for over 50% of the motorcycle market,” the statement said.
The company is also planning to launch new products in various segments including TVS Apache RTR EFI (fuel injection), TVS Scooty Teenz EV and three-wheeler variants over the next couple of months.
In the scooter segment, TVS’ Scooty sales grew 23% to 28,119 units in the month compared to 22,836 units during the same month last year.
Exports grew to 11,046 units in October this year as against 7,232 units in the same month last year, up 53% year-on-year.