TVS, Hero MotoCorp & Royal Enfield report growth in September sales

For the first six months of FY24, Hero’s total sales stood at 27.69 lakh units, a drop from 28.18 lakh units sold in the same period last financial year. 
For representational purposes
For representational purposes

NEW DELHI: Ahead of the peak festive season, three of India’s top two-wheeler brands, Hero MotoCorp, TVS Motor and Royal Enfield, reported decent growth in monthly dispatches for the month of September. Hero MotoCorp sold 536,499 units in the month of September 2023. The company registered a growth of more than 3% over the corresponding month of the previous fiscal when it sold 519,980 units in September 2022. 

Hero’s domestic sales surged to 519,789 units in September 2023 from 507,690 units in September 2022 while exports grew to 16,710 units last month from 12,290 units in the same month last year.  For the first six months of FY24, Hero’s total sales stood at 27.69 lakh units, a drop from 28.18 lakh units sold in the same period last financial year. 

“As the country enters the peak festive season in the coming weeks, Hero MotoCorp expects the demand to be on a healthy trajectory, led by macro-economic factors,” said the company in a statement. TVS Motor’s total two-wheeler registered a growth of 7% with sales increasing from 361,729 units in September 2022 to 386,955 units in September 2023. 

Domestic two-wheeler registered growth of 6% with sales increasing from 283,878 units in September 2022 to 300,493 units in September 2023. The company’s electric 2W sales grew more than four times annually to 20,356 units in September 2023. Its 2W exports registered a growth of 11% with sales increasing to 86,462 units in September 2023. 

Royal Enfield recorded 1% growth in domestic sales to 74,261 units last month. The company’s total sales, however, fell 4% to 78,580 motorcycles in September 2023 as its exports reduced by half to 4,319 units.  
B Govindarajan, CEO, Royal Enfield said, “While the Bullet has received very strong response from consumers this month, we look forward to continued excitement through the upcoming festive season as well. We are confident that our upcoming launches will boost our growth momentum even further.” 

Suzuki Motorcycle reported an overall sale of 97,936 units in September 2023, recording 13% growth as compared to September 2022. The company sold 83,798 units domestically, which is a 16% growth over domestic sales of the same period last year. Meanwhile, the electric two-wheeler industry, after facing a severe setback due to subsidy reductions under the FAME scheme, showed signs of recovery last month. 

Battery-powered 2W sales grew 20% year-on-year in September 2023 to total 63,716 units, according to the government’s Vahan database. Ola Electric maintained its leadership position in this segment and was followed by TVS Motor. 

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