Last month, Tata Motors sold a total of 40,609 commercial vehicles, which translates to an enormous YoY sales growth of 470.11 per cent
Tata Motors has released its sales figures for last month, i.e., March 2021. In the passenger vehicle market, the home-grown manufacturer recorded a huge 422.45 per cent sales growth on a Year-on-Year basis. In terms of commercial vehicle sales, Tata’s growth figure was even higher; the company registered a massive 470.11 per cent YoY growth in terms of CV sales.
In March 2021, the manufacturer sold a total of 40,609 commercial vehicles, out of which 36,955 units were sold in the domestic market and 3,654 units were exported. In comparison, Tata Motors sold 7,123 commercial vehicles during March 2020, out of which 5,336 units were sold domestically, while 1,787 units were exported. As such, on a YoY basis, domestic sales grew by 592.56 per cent, while exports were up by 104.48 per cent.
Last month, Tata Motors sold a total of 11,030 medium and heavy commercial vehicles, while the sales figure for intermediate and light commercial vehicles stood at 6,792 units. The manufacture also sold 17,253 units of small cargo vehicles and pickups. Apart from that, a total of 1,880 units of passenger carrier vehicles were also sold in March 2021.
In Q4 of FY2020-21, a total of 1,07,484 commercial vehicles were sold by Tata Motors, which is a 55.62 per cent increase over 69,069 CVs sold during the fourth quarter of FY2019-20. However, overall CV sales for the fiscal year 2020-21 totalled 2,62,773 units, which is a 22.87 per cent decrease compared to 3,40,700 units sold in FY2019-20.
Mr. Girish Wagh, President of Commercial Vehicles Business Unit, Tata Motors Ltd. stated that “improved consumer sentiments, firming freight rates and higher infrastructure demand including road construction and mining,” were the chief factors responsible for the growth in domestic sales.
Recently, Tata Motors partnered up with State Bank of India (SBI) to provide affordable financial schemes to prospective buyers for light commercial vehicles. The partnership will utilise SBI’s Contactless Lending Platform technology in order to ensure transparency and uniformity, while reducing the time required for loan approval. The automaker is planning to leverage SBI’s reach in rural India to increase its commercial vehicle sales in our market.