The TVS Motor Company reported a sharp dip in its two-wheeler sales in the month of March 2020, compared to the same period in 2019. TVS says that sales nosedived on account of the disruption in production and sales due to the novel coronavirus threat and subsequent national lockdown.
In March 2019, TVS sold 3,10,885 two-wheelers; while in March 2020, the bike manufacturer posted sales of 1,33,988 units only. That's a dip of well over 50 percent in the domestic market.
Out of the total two-wheelers sold in March, motorcycles comprised 66,673 units in March 2020 against 1,41,086 units in March 2019. Scooter sales, on the other hand, registered 34,191 units in March 2020 while sales in March 2019 stood at 98,477 units.
Exports also took a hit as TVS' two-wheeler sales fell from 63,191 units in March 2019 to 39,885 units in March, this year.
The coronavirus pandemic has had a major effect on the auto industry, and overall sentiment in the automobile market is quite gloomy. With a cloud of uncertainty hanging over one's head, buying a two-wheeler is probably not on the top of the list of priorities for many. That said, sales are expected to improve once life gets back to normal.
The silver lining for TVS is also in its readiness to comply to the BS6 emission norms. The company has, so far, updated most of its range to meet the stricter emission standards. At the same time, it says that almost all of its BS4 stock has been sold out. In fact, TVS recently announced attractive discounts on its entire BS4 range in order to boost sales.
Besides TVS, Royal Enfield also posted a slowdown in sales for the month of March. With the tremors of COVID-19 spreading far and wide, the sales figures of most two-wheeler manufacturers are expected to take a hit. Stay tuned as we bring you more sales reports over the next few days.