TVS Registers 22 Percent Growth in Two-Wheeler Sales, Electric Scooter iQube Getting Strong Demand

TVS Motor, one of the largest two-wheeler companies, saw two-wheeler sales in the country grow by 22 percent to 2,35,833 units last month. In the same period last year, the company’s sales stood at 1,93,090 units. The company’s total two-wheeler sales increased by four percent to 3,04,401 units in June.

The company said that its motorcycle sales have increased by two percent in the last month. It stood at 1,48,208 units. It had sold 1,46,075 units in the same month last year. Its scooter sales have increased by 11 percent. It stood at 1,21,364 units. There is a strong demand for the company’s iQube electric scooter in the electric two-wheeler segment. Last month its sales increased to 14,462 units. In the same month last year, the company had sold 4,667 units of it. TVS sales have increased in the country but its exports have declined. Last month the company exported 68,568 units. In the same period last year, its exports were 1,00,625 units.

The reduction in FAME 2 subsidy for electric two-wheelers by the central government had resulted in a decline in sales of electric two-wheelers in the early weeks of June. The company’s electric scooter iQube competes with Ola S1 Pro and Ather 450X. Ola Electric is the biggest company in this segment. The company claims that its market share in this segment has increased to around 40 percent. The company plans to launch some new electric two-wheelers. These could include a low-cost scooter, a premium motorcycle and a low-cost electric motorcycle.

Recently, TVS Motor’s iQube crossed the one lakh unit sales mark. To meet its increasing demand, the company has made preparations to increase its production. In this year’s Economic Survey, it was told that by 2030 the market of electric vehicles in the country could increase to one crore units annually. There is a possibility of getting about five crore direct and indirect jobs from this. In December last year, India had overtaken Japan and Germany to become the third largest automobile market in the world.

Kashif Ali

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