TVS Motor Company reported a 440 percent YoY increase in EV sales in August on Friday. With headquarters in Chennai, India, TVS Motor Corporation is an international two-wheeler corporation. It is India’s fourth-largest motorcycle manufacturer, behind Bajaj Motors, Hero Moto Corp., and Honda Two-Wheelers. Thirukkurungudi Vengaram Sundaram is referred to as TVS.
Sales for the corporation as a whole increased by 4%, from 3,33,787 units in August 2022 to 345,848 units in August 2023. Compared to sales of 4,418 units in August 2022, TVS iQube Electric had its greatest sales of 23,887 units in August 2023.
In August 2023, there were 5% more two-wheelers overall than there were in August 2022 (3,32,110 units vs. 3,15,539 units).
In the domestic market, two-wheeler sales in August climbed by 7% YoY to 2,56,619 units.
In August 2023, the Company’s total exports recorded sales of 87,515 units, down from 93,111 units in August 2022.
Two-wheeler exports, meanwhile, slightly decreased and were 75,491 units in August 2023 compared to 76,214 units during the same period in the previous year.
In August 2022, the firm sold 18,248 three-wheelers; in August 2022, it sold 13,738.
According to a previous report by ET, the business plans to ship a record number of more than two lakh scooters built on the electric vehicle (EV) platform during the current fiscal year.
For the quarter ending in June 2023, TVS Motor previously recorded a 46% increase in standalone net profit at Rs 468 crore. At the same time a year earlier, it was Rs 321 crore.
Operational revenue increased 20% year over year (YoY) to Rs 7,218 crore during the reporting quarter.
