TVS Motor reports 13% rise in October sales; EV sales surge 45%

The company's electric vehicle (EV) sales surged 45%, its highest monthly growth in EV sales, with units sold increasing from 20,153 in October 2023 to 29,308 in October 2024.

Meanwhile, the automaker's three-wheeler sales plunged 23%, falling to 10,856 in October this year from the previous year’s 14,104 units.

TVS Motor sold 4.78 lakh two-wheelers in October, a 14% hike from 4.21 lakh units in the same month a year ago. Additionally, domestic sales grew 13% to 3.90 lakh units as against 3.45 lakh units in the year-ago period.

The firm reported a 14% growth in sales in the motorcycles segment from 2.02 lakh units in October 2023 to 2.31 lakh units in October 2024. Additionally, it sold 1.93 lakh scooters, a 17% increase from 1.65 lakh unit sales reported in the year-ago period.

Its total exports posted a 9% year-on-year growth with 95,708 units being sold in October 2024 in contrast to 87,952 units that were sold in the same period last year. TVS’s two-wheeler export sales were at 75,653 units, a 16% growth as compared to 87,952 units sold last year.

The scrip closed in the green at ₹2,508, up 0.57% (+₹14.30) on the NSE on Friday, November 1, during the Muhurat Trading session.

According to the NSE, the automaker had a market capitalisation of ₹1.19 lakh crore as of November 2, 2024.