The widespread expectation for a turnaround in the two-wheeler market seems to be bearing out, with TVS Motor Company reporting strong numbers for November.
TVS recorded monthly sales of 3.64 lakh units in November 2023 with a growth of 31 per cent as against 2.77 lakh units in the month of November 2022.
Last month, the company reported its highest-ever monthly sales of 4.35 lakh units in October 2023 with a growth of 21 per cent as against 3.60 lakh a year earlier.
What's interesting this time though is that their two-wheelers registered a growth of 34% with sales increasing to 3.52 lakh units from 2.63 lakhs last year.
Their electric vehicle segment also has done very well with 16,782 units sold in November 2023 as against sales of 10,056 units in November 2022. In October, it had sold 20,153 units of TVS iQube Electric.
However, what's a bummer this year is that the company's total exports registered sales of 75,203 units in November 2023 as against 84,134 units registered in November 2022.
This is in sharp contrast to October when TVS had a growth of 6 per cent with a sale of 87,952 units in October 2023 compared to October 2022 which only had 82,816 units sold.
Moving onto their three-wheelers category, TVS registered sales of 12,128 units in November 2023 as against 13,481 units in November 2022.