TVS November 2023 Sales Report Released | Revealed 31.43% YoY Growth

TVS Motor Company has revealed its sales figures for November 2023, revealing a very impressive growth. The company sold 2,77,123 units total this last month, representing a significant 31.43% YoY growth, when compared to November 2022 sales figures of 2,77,123 units. However, there was a month-on-month (MoM) decline from the highest-ever monthly sales of 4,34,714 units in October 2023.
 

TVS 2 Wheeler Sales November 2023

The company sold 352,103 two-wheelers in November 2023, showing a 33.55% increase from the 263,642 units sold in November 2022. This growth represents an additional 88,461 units sold. On a month-to-month basis, however, there was a 16.29% decrease in sales, dropping from 420,610 units in October 2023.
 

Last month, motorcycles led the two-wheeler segment with a strong demand, selling 172,836 units. This marked a 19.19% increase from the 145,006 units sold in November 2022. However, there was a 14.42% month-to-month decline from the 201,965 units sold in October 2023. Motorcycles now make up 49.09% of the company's overall portfolio.
 

Meanwhile, scooters experienced an even more impressive year-over-year growth, surging by 62.23% to 135,749 units in November 2023, up from 83,679 units in November 2022. However, there was a 17.80% decrease in month-to-month sales, dropping from 165,135 units in October 2023. Scooters currently hold a 38.55% share in the company's product lineup.

Looking at the TVS iQube the sole electric scooter in the company's lineup, sales showed a robust year-over-year increase of 66.89%, reaching 16,782 units last month. This is a significant jump from the 10,056 units sold in November 2022. However, on a month-to-month basis, there was a 16.73% decline from the 20,153 units sold in October 2023.

In the moped segment, there was a positive year-over-year growth of 24.49%. Despite this, month-to-month sales experienced a decline of 18.67%.
 

3-Wheeler Domestic Sales & Exports

In the three-wheeler segment, TVS Motor witnessed a decline in both year-over-year (YoY) and month-over-month (MoM) total sales, despite a more positive performance in the domestic markets. 
 

Total three-wheeler sales (combining domestic and exports) stood at 12,128 units in November 2023, marking a 10.04% decrease from the 13,481 units sold in November 2022. Additionally, there was a 14.01% decrease on a MoM basis compared to the 14,104 units sold in October 2023.
 

However, the company showed better results in the domestic market with a significant YoY growth of 59.73%, reaching 2,011 units from 1,259 units sold in November 2022. MoM domestic sales also increased by 11.41%, rising from 1,805 units in October 2023. 

On the other hand, exports experienced a 17.22% YoY decline and a 17.74% MoM decline, totaling 10,117 units. In comparison, November 2022 and October 2023 had seen 12,222 units and 12,299 units shipped, respectively.
 

When considering the total sales of two-wheelers and three-wheelers (domestic and exports), November 2023 saw an impressive 31.43% increase to 364,231 units, up from 277,123 units in November 2022. This represents a substantial volume growth of 81,108 units. YoY domestic sales for both two-wheelers and three-wheelers combined increased by 49.76% to 289,028 units from 192,989 units in November 2022. 
 

However, total exports dipped by 10.62% to 75,203 units from 84,134 units shipped in November 2022. On a MoM basis, both domestic and export figures declined by 16.65% and 14.50%, respectively.

But, before you go, don’t forget to check out how TVS’s top competitor Hero MotoCorp performed in November 2023.

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