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TVS Motor, a prominent manufacturer of two-wheelers (2W) and three-wheelers (3W) in India has been strengthening its position in the market. Following the achievement of the highest-ever sales, approximately 3.45 lakh units in October 2023 during the festive season, TVS reported the sale of 2,87,017 units in India, marking a notable 19.7% year-on-year (YoY) growth. However, the international shipments witnessed an 8.07% YoY decline, totaling 64,348 units.
TVS Sales Breakup - November 2023 – Domestic Sales
Compared to the 1,91,730 units sold in November 2022, TVS experienced a substantial increase of 95,287 units in the domestic market. The Jupiter scooter range emerged as the top seller in India, with 72,859 units sold last month, constituting 25.38% of the total company sales. This reflected a remarkable 53.64% YoY growth, adding 25,437 units to its volume compared to November 2022.
The second and third positions were secured by the XL and Apache range, with 43,482 and 41,025 units sold, capturing market shares of 15.15% and 14.29%, respectively. XL demonstrated a YoY growth of 26.16%, gaining 9,017 units in volume, while Apache exhibited a higher growth margin of 51.26% YoY, with a volume gain of 13,903 units.
Other notable performers in TVS' domestic sales included Raider 125 and Ntorq 125, selling 39,829 and 30,396 units, contributing 13.88% and 10.59% to TVS’ total sales, respectively. Raider witnessed a YoY sales increase of 47.53%, and Ntorq's numbers grew by an impressive 78.77% YoY, with volume gains standing at 12,832 and 13,393 units for Raider and Ntorq, respectively. TVS Sport secured the sixth position with 17,157 units sold and a robust 50.26% YoY growth.
In the seventh and eighth positions, iQube and Radeon performed well, with 16,702 and 10,720 units sold, showcasing healthy YoY growth rates of 66.09% and 26.83%, respectively. Zest and Star City also demonstrated remarkable growth with 7,922 and 4,125 units sold, registering 150.93% and 55.95% YoY growth, respectively. TVS' premium products Ronin and RR 310 recorded sales of 2,107 and 693 units, respectively.
Exports Witnessed YoY Sales Decline
In the realm of exports, Star City 125 emerged as the best seller abroad, with 37,814 units sold compared to 28,259 units shipped the previous year. Star City alone accounted for 58.76% of TVS’ total exports, showing a 33.81% YoY growth with a volume increase of 9,555 units.
Apache and TVS Sport secured second and third positions in exports, contributing 11.86% and 9.71% to TVS’ total exports, respectively. Apache demonstrated a 4.49% YoY growth with a volume increment of 328 units, while Sport saw a substantial 49% YoY growth, with a volume increment of 2,055 units.
The highest-selling model in India, Jupiter, claimed the fourth position in exports, with 4,374 units shipped. Jupiter exhibited an impressive 914.85% YoY growth, contrasting with the 431 units shipped the previous year.
TVS shipped 4,195 and 3,416 units of Raider and Ntorq, recording 100.53% and 27.75% YoY growth, respectively. The company's multi-genre motorcycle, Ronin, shipped 436 units. Additionally, TVS shipped exactly 80 units each of Radeon and iQube in November 2023. XL and RR 310 found buyers abroad, with 36 and 34 units shipped, respectively. In total, TVS' exports amounted to 64,348 units, representing an 8.07% YoY decline compared to the 69,996 units shipped in November 2022, resulting in a loss of 5,648 units in volume.