September Auto Sales: TVS Motor sells 4 lakh units in September led by Motorcycles, EV sales cross 20,000

Two and three-wheeler manufacturer TVS Motor Company Ltd. reported a 6 percent year-on-year growth in overall sales for the month of September, according to an exchange filing.

The company sold 4.02 lakh units in September, compared to 3.79 lakh units it sold during September 2022.

Growth in overall sales came from Motorcycles, which grew by 10 percent to 1.86 lakh units. Scooter sales grew by 8 percent year-on-year to 1.55 lakh units.

Overall two-wheeler sales in September increased by 7 percent from last year to 3.86 lakh units, while domestic two-wheeler sales grew 6 percent from last year to 3 lakh units.

TVS Motor exported 1 lakh units in September 2023, which is 8 percent higher, compared to the 92,975 units it exported in September last year. Two-wheeler exports grew by 11 percent year-on-year. "Both retails and despatch have begun to improve in the International market," the company said.

However, three-wheeler sales in September remained sluggish for TVS, declining 10 percent from last year to 15,598 units from 17,282 units last year.

Although on a low base, the company's sale of its electric vehicle - the TVS iQube Electric, grew by five-fold to 20,356 units from 4,923 units last year.

Shares of TVS Motor ended little changed on Friday at Rs 1,525. The stock has risen 42 percent so far in 2023 and over 55 percent during the last 12 months.