Auto Sales September 2024: TVS Posts 20% Growth

TVS is entering the festive month quite comfortably marking positive growth all segments in its domain. The company's second quarter results for fiscal year 2024-25 reflected positive momentum. Two-wheeler sales for the quarter grew by 15 per cent, increasing from 10.31 lakh units in the second quarter of FY 2023-24 to 11.90 lakh units.

The Hosur-based manufacturer’s total sales reached as of just last month was 482,495 units in marking a significant 20 per cent increase compared to September 2023's figure of 402,553 units. 

In the two-wheeler segment, TVS’ total sales climbed to 471,792 units, representing a 22 per cent increase from the previous year. The domestic market proved particularly strong, with two-wheeler sales rising by 23 per cent to reach 369,138 units, compared to 300,493 units in September 2023. However, the company's electric vehicle division emerged as the standout performer, recording an impressive 42 per cent growth. EV sales jumped from 20,356 units in September 2023 to 28,901 units in September 2024.

After all, TVS finally launched all three variants of the iQube this year. The marque also rejigged the portfolio by introducing a new entry-level variant with a smaller 2.2 kWh battery and priced under a lakh. 

Both motorcycle and scooter categories contributed to the positive results. Motorcycle sales grew by 23 per cent to reach 229,268 units, while scooter sales increased by 20 per cent, totalling 186,751 units for the month.

On the international front, TVS strengthened its presence with an 11 per cent growth in total exports, reaching 111,007 units. Two-wheeler exports showed even stronger performance with a 19 per cent increase, rising to 102,654 units from 86,462 units in the previous year. 

However, the three-wheeler segment experienced a decline, with sales dropping to 10,703 units from last year's 15,598 units. In the second quarter, it’s sales slightly decreased to 0.38 lakh units from 0.43 lakh units. Total exports for the quarter were a steady 11 per cent growth, though at reaching 3.09 lakh units.