TVS Motor Company went full throttle on increasing its employee numbers, driven by record growth in two-wheeler sales and a rapidly rising market share in the electric two-wheeler segment.
TVS Motor added over 3,300 people in FY24, bringing its total workforce (including permanent and non-permanent workers and employees) to 16,239 from 12,907 in FY23. As per the firm’s Business Responsibility and Sustainability Reporting (BRSR), 2,720 of those added were ‘workers’ while the remaining were in the ‘employee’ category.
“TVS Motor Company hired around 600 engineers and managers in 2023-24 in keeping with our priorities in the future mobility space, connected technologies (hardware and software), and digital enablement,” a TVS spokesperson told FE.
They said around 1,000 manpower resources were employed to support increased volumes, new product rollouts, and spares and accessories. “Adjusting for reporting regrouping, on a like-to-like basis, manpower addition in 2023-24 is around 1,600 persons.”
In contrast, rival Bajaj Auto saw its total workforce (including permanent and non-permanent workers and employees) decrease from 8,376 in FY23 to 6,996 in FY24. India’s largest two-wheeler manufacturer, Hero MotoCorp, had a total workforce of 29,938 in FY23 but the company is yet to file the BRSR report for FY24.
The spike in workforce addition by TVS Motor comes against the backdrop of the company posting its highest-ever annual sales in the previous fiscal. The two-and-three-wheeler maker sold 4.19 million units in FY24, up from 3.68 million in FY23. The company’s two-wheeler sales grew 15% from 3.51 million units in FY23 to 4.04 million in FY24.
In the first quarter of the current fiscal, too, TVS Motor’s two-wheeler sales grew 15% year-on-year to 1.05 million units.
The TVS spokesperson said the hirings reflect the company’s current requirements and future needs to stay ahead in a varied product portfolio, including electric vehicles.
TVS Motor’s share in the electric two-wheeler space grew from 12% in FY23 to 20% in FY24. Although Ola Electric continues to be the market leader, TVS Motor and Bajaj’s market shares are growing fast. As of Q1FY25, Ola Electric had share of 48% in electric two-wheeler registrations, while TVS Motor and Bajaj had a combined share of 27%.
As per latest Vahan data, the combined market share of TVS Motor and Bajaj has jumped to 38%, overtaking Ola Electric’s 35% market share.
The gain in market share follows the launch of the sub-Rs1 lakh variants of iQube and Chetak electric two-wheelers by TVS Motor and Bajaj Auto, respectively, in the last two months. Ola already has a lineup of sub-`1 lakh models, including S1X (Rs 74,999), S1X+ (Rs 84,999), and the S1X with a 4 kWh battery (Rs 99,999).
