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TVS two-wheeler sales decline, 11,071 units of electric scooter sold

 

TVS Motors Sales: TVS Motors has sold 242,012 vehicles in December 2022, which is 3.57% lower than the 250,993 units sold in the same month last year.

Talking about two-wheeler sales, the company has sold 227,666 units last month as compared to 235,392 units in December 2021, a decline of 3.39%.

However, the domestic sales of the company have seen a growth of 10%. The company has sold 161,369 units in December, compared to 146,763 units sold in the same period in 2021. In the EV segment, the company got a boost from the sales of iQube e-scooter. It is the only EV offering in the company’s product portfolio.

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The company sold 11,071 units of the iQube e-scooter in December 2022, while 1,212 units were sold in December 2021. Due to this, its sales have seen a huge increase of eight times. In terms of overseas vehicle exports, the company sold 79,402 units last month, down 30.2% from 103,420 in December 2021.

The company’s third quarter performance during the current FY2023 saw a marginal increase in sales to 8.4 lakh units as compared to 8.3 units in the corresponding quarter of the previous financial year. TVS Motor Company has announced that its wholly owned subsidiary TVS Motor (Singapore) has acquired technology and assets related to electric vehicles in Germany.

The Hosur based manufacturer has declared the listing obligations and requirements before the Indian Exchange and Securities Board. TVS Singapore through its subsidiary will acquire the assets of the German EV company.

The new company is proposed to be named Celerity Motor after the acquisition and will help the company strengthen its expansion in the electric two-wheeler market globally. However, the company has not revealed plans to expand its electric vehicle offering.

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