TVS Motor Company reported growth in May 2022, but a shortage in the supply of semiconductors impacted the production and sales of premium two-wheelers. The Hosur-based company recorded 3,02,982 units, as compared to 1,66,889 units sold in May 2021, registering a growth of 81.55 per cent. The localised lockdown imposed by the Government of India in May 2021 largely impacted the company for the low base of sales. However, the company said it is working on alternate resources to regularise the production capacity at the earliest.
A statement released by TVS said, “We are working aggressively with alternate sources and taking every effort to improve supplies at the earliest. Some improvement has been seen this month. We are optimistic that volumes will revive to normal levels once the semiconductor supplies improve.”
TVS reported healthy growth in domestic sales of its two-wheeler portfolio as the company registered 2,87,058 units in May 2022, compared to the 154,416 units sold in May 2021, growing by 85.9 per cent. The motorcycle range also grew by 18.67 per cent, as the company recorded 148,560 units in May 2022, against 125,188 units sold in the same period last year. Then again, the scooter sales of the company grew from 19,627 units in May 2021 to 1,00,665 units in May 2022, a growth of 412.89 per cent.
However, the export sales weakened during May 2022 as it shipped a total of 1,10,245 units as compared to 1,10,245 units, a degrowth of 3.86 per cent. Even the two-wheeler exports recorded sales of 95,576 units in May 2022 as against 102,332 units in May 2021, a decline in sales by 6.6 per cent.