One- and three-wheeled vehicle maker TVS Motor posted a 15 percent increase in sales, selling 3,333,787 units in August, the company said on Thursday.

The city-based company recorded sales of 2 90,694 units in the same month last year, the company said in a statement.

The company’s total two-wheeler sales also posted a 15 percent increase in August, with sales rising to 3 15,539 units from 2,74313 units sold in the same month last year.

Sales of two-wheelers on the domestic market increased by 33 percent to 2,329,325 units in August 2022 from 1,999,999 units in August 2021.

Motorcycle sales increased to 1,577,118 units in August 2022 from 1,33789 units sold in the same month last year, while scooter sales exceeded one lakh of 1,21,866 units, compared to 87,059 units sold in August 2021.

The company, with positive market sentiment, announced that with the approaching holiday season it is optimistic about demand in the domestic two-wheeler market.

“As the availability of semiconductors has helped achieve a sustainable supply chain, the company is now quickly positioned to meet the holiday demand,” said TVS Motor.

Regarding the performance of the export segment, the company reported that total sales recorded for shipping were 93,111 units in August 2022 compared to 1,09927 units exported in August 2021.

In August 2022, exports of two-wheeled vehicles recorded sales of 76,214 units, compared to 94,314 units in the same month last year.

“While some geographic regions are experiencing an economic slowdown and higher inflation, the company is optimistic that the pace of sales will gradually return to normal levels,” it wrote.

The tricycle business grew 11 percent in August 2022, selling 18,248 units compared to 16,381 units sold in August 2021.

The company said it sold 4,418 units of the TVS iQube electric scooter in August 2022 compared to 649 units produced in August 2021.

“TVS iQube Electric continues to enjoy great customer interest, showing strong consolidated sales growth with a positive future pool of demand,” the company said.

Regarding new initiatives, TVS Motor announced that it has announced an investment in DriveX – the launch of the Formula 1 racing racer Narain Karthikeyan, which aims to enable innovative solutions to scale up the offering in the country’s used multi-brand two-wheel space, the statement added.

(Only the headline and image of this report may have been redone by Business Standard staff; the rest of the content is generated automatically from the syndicated feed.)

Source link