TVS Motor Company's Exports Double in Nov 2008; Company posts 98,402 two wheeler sales

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TVS Motor Company's Exports Double in Nov 2008; Company posts 98,402 two wheeler sales

Hosur December 1, 2008: TVS Motor Company has registered two wheeler sales of 98,402 units in November 2008 against 112,766 units in the corresponding period of the previous year.

Exports posted the highest ever growth, with sales doubling when compared to the same period of the previous year. The company exported 20,911 units of two wheelers in November 2008 as against 10,408 units in the corresponding period of the previous year. Exports of the company witnessed continuous growth since April this year, recording cumulative growth of 54% during April to November of the current fiscal year.

Motorcycle sales of the company stood at 45,276 units in comparison to 57,113 units recorded in November 2007. General inflationary trends, liquidity crunch and the continuing adverse impact of rising interest rates with restricted availability of retail finance affected sales. In addition, November 2007 had the extra benefit of festival sales.

In a concerted move to enhance sales, the company has entered into an agreement with IndusInd Bank to provide inventory funding to dealers of TVS Motor Company. This tie-up enables TVS Motor Company to strengthen the distribution channel and will enhance the working capital for the dealers. This facility is in addition to a similar arrangement with ICICI Bank.