TVS Motor sees 43% rise in exports [Mar 25, 2021]
TVS Motor sees 43% rise in exports
TVS Motor Company has announced it has been witnessing strong demand from West Asia and recovery in its traditional markets in South Asia, West Africa and Latin America.
The Chennai-based company’TVS Motors’ two-wheeler exports registered a year-on-year growth of 35% in February 2021 and the demand in exports market continues to be robust, it said.
Exports are showcasing good growth due to stability in exchange rates of local currency, a TVS Motor spokesperson .
TVS Motor’s domestic two-wheeler sales grew by 15% in February 2021 against February 2020.
The company found the shift to premiumisation in all markets and foresee the premium products such as Apache, NTORQ 125, Jupiter ZX and Grande series continuing to do well both in domestic and international markets. It is now witnessing strong demand from the Middle East (West Asia) and recovery from traditional markets in South Asia, West Africa and Latin America.
TVS Motor, the flagship of the $ 8.5-billion TVS Group, exports to more than 60 countries. The company had recently appointed Timothy (Tim) Prentice as V-P, design.
Other two-wheeler makers also did well on the exports front in February 2021.Honda Motorcycle’s two-wheelers’ exports grew 16% y-o-y in February .while Bajaj Auto recorded a 12 % growth; Royal Enfield registered a 94% growth in exports
Two-wheeler retail sales recorded a de-growth of 16% in February. Though the retail sales have taken a beating, industry experts said, exports have been growing well for the two-wheeler makers in the wake of global markets getting opened up .