Auto Sales March 2024: TVS Motor Sales Increase By 12% In March 2024

TVS Motor Company registered its highest-ever annual sales in the financial year 2023-24 by retailing 41.91 lakh units which is an overall growth of 14 percent. In March 2024 alone, the brand retailed 12 per cent more vehicles (two-wheelers, three-wheelers, and EVs) at 3,54,592 units, as against 3,17,152 units it retailed in March 2023. 

Additionally, the company’s total exports also grew by 23 per cent last month with 91,972 units exported, compared to 75,037 units it exported in March 2023. This is partly because TVS started 2024 with the announcement of its entry into Europe. However, its total exports dipped in FY 2023-24 at 10.13 lakh units from 10.68 lakh units it exported during FY 2022-23. TVS already exports to over 80 countries spanning Asia, Africa, and Latin America and its exports comprised 25 per cent of the company’s business in the first quarter of FY 2023. 

Noteworthy was TVS’ Vahan retails in March 2024, which was its highest amongst all manufacturers. The manufacturer achieved this despite its e2W sales dipped slightly from 15,364 units in March 2023 to 15,250 units in March 2024. TVS has only two fully-electric offerings in its portfolio that includes the iQube and X. 

However, it was its range of motorcycles that helped TVS record the most growth. In March 2024, TVS retailed 1,71,611 units of its Apache, Raider, Radeons, etc, as against 1,41,250 units in March 2023. This is a 22 per cent Year-on-Year growth for the manufacturer. Whereas TVS scooters which include the likes of the Jupiter, Ntorq, etc, registered a mere 2 per cent growth last month with sales increasing from 1,28,817 units in March 2023 to 1,31, 472 units in March 2024. 

Moreover, TVS’ two-wheeler sales registered a growth of 15 per cent with sales increasing from 35.12 lakh units in FY 2022-23 to 40.45 lakh units in FY 2023-24. The FY sales figures have been really remarkable for TVS but the fact that scooter sales haven’t picked up is an area of concern. Additionally, the TVS Ronin has failed to receive the desired sales success and despite being part of the Dakar Rally, TVS doesn’t have a single offering in the ADV segment. We are hopeful to see new scooter offerings and some action in the TVS Apache family to help TVS maintain this sales momentum in FY 2024-24.