TVS Motor’s sales dip 12.7 percent in NovemberDecember 1st, 2008 - 5:09 pm ICT by IANS
New Delhi, Dec 1 (IANS) TVS Motor Co Monday said its two-wheeler sales fell 12.7 percent last month to 98,402 units from 112,766 units a year earlier, thanks to a liquidity squeeze that has hit the domestic economy badly. Motorcycle sales dropped 20.7 percent in November to 45,276 units from 57,113 units a year ago, the company said in a statement.
General inflationary trends, liquidity crunch and the continuing adverse impact of rising interest rates affected the sales, the company said.
TVS has also entered into an agreement with IndusInd Bank to provide inventory funding to dealers of the company.
This tie-up will enable TVS to strengthen the distribution channel and enhance the working capital for the dealers. This facility is in addition to a similar arrangement with ICICI Bank, IndusInd Bank said.
However, the company’s exports doubled in November to 20,911 units as against 10,408 units in the corresponding period last year, the statement said.
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