 "TVS Motor Philippines")
Two and three wheeler maker TVS Motor has reported a 15 per cent rise in its sales by selling 3,33,787 units in August, the company said on Thursday.
The city-based company had registered sales of 2,90,694 units in the same month of last year, a company statement said here.
The total two-wheeler sales made by the company also witnessed a growth of 15 per cent in August with the sales increasing to 3,15,539 units from 2,74,313 units sold in same month of last year.
Domestic two wheeler sales grew by 33 per cent to 2,39,325 units in August 2022 from 1,79,999 units in August 2021.
Sales of motorcycles grew to 1,57,118 units in August 2022 from 1,33,789 units sold in same month of last year while scooter sales breached one lakh units mark with 1,21,866 units as against 87,059 units sold in August 2021.
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The company said with positive market sentiment and with the upcoming festive season, it was optimistic about the demand in domestic two-wheeler market.
"As the availability of semiconductors have supported in reaching a balanced supply chain, the company is now geared up swiftly to meet the festive demand," TVS Motor said.
On the performance of exports segment, the company said the total shipment registered sales of 93,111 units in August 2022 as against 1,09,927 units exported in August 2021.
Two wheeler exports registered sales of 76,214 units in August 2022 as against 94,314 units made in same month of last year.
"While some geographies are experiencing economic slowdown and higher inflation, the company is optimistic about the sales momentum returning to normal levels gradually," it said.
The three-wheelers business grew by 11 per cent in August 2022 with 18,248 units being sold as against 16,381 units sold in August 2021.
The company said it sold 4,418 units of TVS iQube Electric scooter in August 2022 as compared to 649 units made in August 2021.
"TVS iQube Electric continue to garner great response from customers, showcasing a strong consolidated sales growth, with a positive future demand pool," the company said.
On new initiatives, TVS Motor said it announced an investment in DriveX -- the startup of Formula-1 Car racer Narain Karthikeyan aimed at enabling innovative solutions to scale-up offerings in the pre-owned multi-brand two-wheeler space in the country, the statement added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
