As the New Year commenced, TVS Motor Company showcased robust performance in its two-wheeler segment, both domestically and globally. The firm announced strong sales growth in both its motorcycle and scooter lineups as well as noteworthy momentum for its electric two-wheeler, the iQube, which had an amazing 33 percent year-over-year growth in January 2024.
Domestic Sales Performance in January 2024
Total two-wheelers sold by TVS Motor, encompassing both domestic and global markets, witnessed a significant year-on-year growth of 21.37 percent in January 2024. Sales escalated from 2,58,691 units in January 2023 to 3,29,005 units in January 2024. Specifically, TVS Motor's domestic sales for January 2024 reached 2,68,143 units, marking a notable 26.20 percent year-on-year increase over the 2,12,471 units sold in January 2023, reflecting a volume growth of 55,672 units.
The Jupiter scooter emerged as a standout performer in the domestic market, with 74,225 units sold last month, indicating a robust 36.23 percent year-on-year growth compared to January 2023. Notably, the Jupiter topped rivals like the Suzuki Access and Ola S1 by a considerable margin to claim the second spot on the nation's scooter sales chart. Additionally, the Ntorq claimed the fifth position on the same list.
The TVS Raider witnessed a surge in demand, with 43,331 units sold last month, marking an impressive 86.51 percent year-on-year growth over January 2023. This was followed by the XL, which recorded sales of 42,036 units, showcasing a notable 14.47 percent improvement from January 2023. Furthermore, the TVS Apache stood strong at 31,222 units sold last month, securing the seventh position on the top 10 motorcycle list, exceeding by a small margin the sales of rival models like the Hero Passion and RE Classic.
Performance Highlights
TVS Ntorq sales grew by 11.76 percent year-on-year to 27,227 units, while the company's sole electric scooter, the iQube, witnessed a substantial 27.88 percent increase in sales, totaling 15,562 units in January 2023. TVS iQube also secured the second position on the list of electric two-wheeler sales last month. Sales of the Radeon grew by 32.93 percent year-on-year to 11,916 units, whereas sales of the Sport dipped by 4.70 percent year-on-year to 10,229 units. Noteworthy growth was seen in the TVS Zest, which posted a 58.89 percent year-on-year growth to 7,560 units in January 2024. However, sales of the Star City witnessed a decline of 34.78 percent to 2,089 units. Additionally, the relatively new Ronin garnered attention with 2,049 units sold, along with 697 units of the R 310.
Export Performance in January 2024
TVS Motor's exports surged by 31.68 percent to 60,862 units in January 2024, up from 46,220 units sold in January 2023. This marked a volume growth of 14,642 units. Globally, the Star City 125 attracted significant attention, with 32,743 units sold last month, reflecting a substantial 99.66 percent increase over January 2023. On the export list of the corporation, it now has a 53.80% share.
Exports of the Apache surged by 184.61 percent, recording 9,725 units shipped last month, up from 3,417 units exported in January 2023. Additionally, the TVS Sport (6,717 units) and Jupiter scooter (4,830 units) also posted impressive year-on-year growth of 105.04 percent and 43.88 percent respectively. Raider exports increased to 4,285 units, a 49.93 percent growth. However, there was a decline of 18.65 percent in Ntorq exports to 2,172 units last month. TVS Ronin (328 units) and R 310 (62 units) featured lower down on the export list.