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Business News/ Auto News / TVS Motor posts 32% growth in domestic sales in May
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TVS Motor posts 32% growth in domestic sales in May

TVS Motor registered a growth of 11% in the two-wheeler segment with sales increasing from 287,058 units in May last year to 3,19,295 units in May 2023.

TVS Motor Company says that it is confident of continued improvement of supplies in the coming months (MINT_PRINT)Premium
TVS Motor Company says that it is confident of continued improvement of supplies in the coming months (MINT_PRINT)

TVS Motor has announced its sales result for the month of May. The auto company registered 9% year-on-year growth in May 2023 selling 3,30,609 units against the 3,02,982 units in May 2022.

The company registered a growth of 11% in the two-wheeler segment with sales increasing from 287,058 units in May last year to 3,19,295 units in May 2023. Domestic two-wheeler registered growth of 32% with sales increasing from 1,91,482 units in May 2022 to 2,52,690 units in May this year.

TVS Motor sold 1,62,248 units of motorcycle in May 2023, registering a growth of 9% from 1,48,560 units in the same month last year. Similarly, scooter sales registered a growth of 3% this May. The company sold 1,03,203 units in May 2023 compared to 1,00,665 units in the month of May 2022.

In the electric vehicle segment, TVS iQube electric recorded sales of 17,953 units in May 2023 as against sales of 2,637 units in May last year. 

In a statement, the company says that TVS iQube has a healthy booking pipeline of over 30,000 units and "we are confident of continued improvement of supplies in the coming months.

In terms of exports, TVS Motor exported 76,607 units in May 2023 as against 1,10,245 units May 2022. The decline was also registered in export of two-wheelers, registering sales of 66,605 units in May 2023 as against 95,576 units May 2022.

The company sold 11,314 units of three-wheeler in May 2023 as against 15,924 units in May 2022.

Starting June 1, the company also increased the price of iQube between 17,000 and 22,000 range depending on the variant. TVS iQube base and S trims were previously priced at 1,06,384 and 1,16,886, respectively in Delhi. The price hike comes after the government reduced the subsidy rate under the FAME-II scheme.

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Updated: 01 Jun 2023, 06:16 PM IST
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