TVS Motor posted a near two fold increase in YoY exports in February 2024 while domestic sales improved by 21%
TVS Motor Company has reported strong performance across both domestic and global sales in February 2024. Almost every model in the company’s portfolio has seen positive demand steering up total sales (domestic + exports) to 3,52,750 units in February 2024, up 86,875 units when compared to 2,65,875 units sold in February 2023. This related to a 24.62 percent YoY growth.
TVS Motor Domestic Sales February 2024
With Jupiter scooter being the best-selling model in the company portfolio in domestic markets and the Star City 125 grabbing most attention globally, the company now gears up to expand its electric vehicle portfolio beyond the iQube. Two names, TVS XL EV and E-XL names have been registered, one of which will become the electric version of the ICE powered moped – XL 100. Once launched, the recently launched Kinetic e-Luna will be its sole competitor in this segment.
Domestic sales in February 2024 grew by 20.82 percent to 2,67,502 units, up from 2,21,402 units sold in February 2023. This was a 46,100 unit volume growth with most models showing off YoY growth. MoM sales however suffered a setback as TVS Motor sales in January 2024 had stood at 2,68,143 units.
TVS Jupiter scooter topped sales charts last month. It was not only the best-selling model in the company portfolio but was also the 2nd best-selling scooter in India after the Honda Activa. Jupiter sales grew by 37.05 percent YoY to 73,860 units in February 2024, up from 52,891 units sold in February 2023 to command a 27.61 percent share on this list.
TVS Raider, a popular model in the 125cc segment, has also seen a 38.61 percent YoY growth to 42,063 units in the past month, up from 30,346 units sold in February 2023. It was followed by the XL moped with 41,059 unit sales last month, up from 35,346 units sold in February 2023. TVS Apache has seen a very marginal YoY de-growth by 0.98 percent to 34,593 units from 34,935 units sold in the same month last year.
Sales of the Ntorq grew by 45.47 percent to 24,911 units while iQube sales improved by 1.74 percent to 15,792 units in February 2024. The domestic sales list also included the Sport (12,528 units), Radeon (12,337 units) and Zest (7,579 units). Relatively new entrant Ronin sales stood at 2,042 units while R310 sales were at 573 units, a 53.21 percent YoY growth from 374 units sold in February 2023. TVS Star City suffered a 95.54 percent YoY de-growth with just 165 units sold last month.
TVS Exports Led by Star City 125 in February 2024
TVS Exports grew nearly two fold in February 2024 to 87,248 units, up 96.20 percent from 44,470 units shipped in February 2023. In global markets, it was Star City 125 along with Star City that amassed the highest sales and a combined share of 64.2 percent. Star City 125 exports went up to 38,137 units last month from 18,250 units shipped in February 2023 relating to a 108.97 percent YoY growth. Star City exports also climbed to 17,874 units, a 266.57 percent YoY growth over 4,876 units shipped in February 2023.
Significant sales growth was also seen for the Apache (9,285 units), Sport (6,540 units) and Raider (5,982 units) while Jupiter exports dipped 13.03 percent to 4,647 units in the past month. The list also included TVS Ntorq (3,196 units), Ronin (838 units), XL (576 units) and iQube (113 units) while R310 exports dipped 100 percent to 60 units in February 2024.
