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TVS Motor sales climb 24% to 6.73 lakh units in September; EV volumes up 110%
Our read
TVS is more likely than not to keep growing in double digits through the festive quarter, with EVs and exports adding more than the domestic base, though a post-September cooling in headline growth is a real risk.
For strategy teams
TVS now has EV scale (1.86 lakh units in Q2), a growing export base and a three-wheeler line of 26,835 units, which makes it a credible acquirer or partner in EV components, battery and charging tie-ups, and overseas distribution, and a tougher benchmark for rivals.
Watch
October sales release: whether year-on-year growth stays near 24% and EV units stay near 65,799
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The report
TVS Motor sold 65,799 electric two-wheelers in September 2026, while international sales grew 48% to 1.81 lakh units.
- Total September 2026 sales
- 6.73 lakh units
- up up 24% year-on-year
- Electric two-wheeler sales in September
- 65,799 units
- International sales in September
- 1.81 lakh units
- Three-wheeler sales in September
- 26,835 units
Reported figures
From the report. Source details below
| Q2 electric vehicle sales: | 1.86 lakh |
|---|---|
| Three-wheeler sales in September: | 26,835 units |
What to watch next
- Vahan registration data against reported dispatches, to show whether retail is keeping pace with wholesale
- Q2 earnings: EBITDA margin and management commentary on EV profitability
- Price cuts, new launches or subsidy changes from Ola Electric, Ather, Bajaj Auto and Hero MotoCorp
- Monthly international sales staying near 1.81 lakh units, or slowing from 48% growth
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- TVS Motor is likely to keep pushing electric two-wheelers through the festive season, leaning on the 1.86 lakh Q2 EV sales to argue for scale and to widen dealer and financing offers.
- Expect TVS to lean harder on international markets, where 1.81 lakh units and 48% growth give it a second engine if domestic demand softens after the festive peak.
- Rival EV makers such as Ola Electric, Ather and Bajaj Auto may respond with sharper pricing, financing schemes or new launches to protect share against TVS's 110% EV growth.
- Analysts are likely to lift volume and EV-mix assumptions for TVS ahead of Q2 results, shifting the debate to whether margins can hold as EVs and exports grow in the mix.
- TVS may expand three-wheeler and export-oriented variants, building on the 26,835 three-wheeler units, as management looks for growth outside the core domestic motorcycle and scooter segments.