TVS Motors' EV sales see 5-fold jump YoY in August, overall sales up 4%
TVS Motor Company on Friday announced a 440 per cent YoY surge in its EV sales in August. The company’s overall sales also grew by 4 per cent increasing from 3,33,787 units in August 2022 to 345,848 units in August, 2023.
TVS iQube Electric recorded its highest sales of 23,887 units in August 2023 as against sales of 4,418 units in August 2022.
Total two-wheelers witnessed a growth of 5% in August, 2023 and stood at 3,32,110 units against 3,15,539 units in August, 2022.
In domestic market, sale of two-wheelers increased by 7% YoY in August and stood at 2,56,619 units. The Company's total exports registered sales of 87,515 units in August, 2023 as against 93,111 units August, 2022.
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Meanwhile, two-wheeler exports marginally dipped and stood at 75,491 units in August 2023 as against 76,214 units during the same duration last year.
The company sold 13,738 three-wheeler units as compared to 18,248 units in August 2022.
The company is set to dispatch a record volume of more than two lakh scooters based on the electric vehicle (EV) platform in the current fiscal year, ET reported earlier.
TVS Motor earlier reported a 46% growth in its standalone net profit at Rs 468 crore for the quarter ended June 2023. The same stood at Rs 321 crore in the year-ago period.
Revenue from operations during the reporting quarter rose 20% year-on-year (YoY)to Rs 7,218 crore.
