Electric cars and CNG vehicles played a key role in Tata Motors’ growth trajectory over the last three months.
Tata Motors on Monday announced that it recorded 43,675 passenger vehicles in December 2023, up by eight per cent compared to December 2022, when it sold 40,407 cars in domestic market and overseas markets. The homegrown automobile giant also claimed that electric cars and CNG-powered vehicles played a key role in the brand’s growth trajectory.
Tata Motors said that 138,455 cars in the third quarter of this financial year, between October and December 2023. This marked a five per cent growth compared to 132,255 units sold during the same period of last financial year.
Total PV Sales of 138,455 units, +5% YoY
43,470
40,043
Includes sales of Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, both subsidiaries of Tata Motors Limited.
Mr Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.said,“The PV industry is expected to post its highest ever sales in the calendar year 2023 (CY23), crossing the significant 4 million mark, supported by a strong supply situation, new nameplates launched in the SUV segment, and a robust demand during the longer festive period. Coming off a high base, the industry recorded a single digit growth overall with the key highlight of this moderate rise being the sharp growth registered in emission-friendly product categories. Both EV and CNG segments posted growth greater than 90% and 25% respectively, signaling a growing preference for green and smart technologies by Indian customers.
For Tata Motors, CY23 was the third consecutive year of posting highest ever sales of ~553K, led by its commanding position in the compact SUV segment and strong growth in hatches, despite the hatch segment degrowing at an industry level.
In Q3FY24, we recorded wholesales of 138,455 units (up 5% vs Q3FY23). Our strong focus on retail sales during the quarter resulted in Vahan registrations significantly rising by ~14% vs Q3FY23 and ~24% vs Q2FY24. We significantly strengthened our market position, reduced channel stock sharply and received an excellent market response to the new avatars of the Nexon, Harrier and Safari, launched during the quarter. Sales of our emission-friendly products in the EV segment and innovative twin-cylinder iCNG range, also recorded steep growth during Q3FY24. EV sales posted a healthy growth of 21% vs Q3FY23 (domestic + IB), led by the launch of the new Nexon EV and continuing popularity of the Tiago EV, while the four products in the CNG segment cumulatively registered a substantial 214% growth vs Q3FY23.
Going forward, with multiple new products, including a new nameplate scheduled for launch in CY2024, we remain optimistic about continuing the growth trend in the quarters ahead.”
First Published Date: 01 Jan 2024, 15:57 PM IST
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