TVS Motor returns INR 57 crore to dealers as compensation for discounts
Neelanjan Chakraborty, Motorcycle Nut, will ride, preferably race anything on two wheels!
TVS Motor recorded a growth of 9.6 percent in revenue in the fiscal 2016-17.
TVS Motor has announced that they have distributed a total of INR 57 crores to TVS dealers as compensation for the discounts offered during the mad rush seen on March 30 and March 31, 2017.
With the Supreme Court adhering to its judgement of not allowing the sale of BSIII vehicles after March 31, 2017, the two-wheeler industry was badly hit, and almost every manufacturer had to announce discounts to quickly clear the BSIII vehicle stock. TVS had announced discounts of up to INR 20,150 on BSIII models.
TVS started manufacturing BSIV compliant vehicles from January 2017. Total sales for the financial year 2016-17 amounted to 29.27 lakh units. In the fourth quarter of fiscal TVS sold 2.15 lakh motorcycles and 2.23 lakh scooters with the latter growing by over 12 percent.
Meanwhile, Society of India Automobile Manufacturers (SIAM), has filed a petition in the Supreme Court, pleading for a review of judgement issued.
With high levels of air pollution being blamed on the automotive industry, SIAM highlighted that the Court has based its judgement on an assumption that there will be 80 percent reduction in emissions of PM (particulate matter) between BS III and BS IV standards. Though it may be true for Heavy Vehicles, a reduction of this scale is not observed in other categories of vehicles.