In March 2024, Tata surpassed the 50,000 unit sales mark for the third consecutive month with 14 per cent YoY growth in India
Tata Motors recorded sales of 2,65,090 vehicles in both the domestic and international markets for the fourth quarter of the fiscal year 2023-24, in contrast to 251,822 units sold during the same period in the fiscal year 2022-23. The total PV sales stood at 1,55,651 units with a YoY growth of 15 per cent while 1,09,439 CVs were sold during the same period with a YoY decline of 6 per cent.
Moving forward, as the GDP outlook shows promise and governmental incentives target productivity enhancements in manufacturing and agriculture, alongside ongoing infrastructure developments, the second half of Q2FY25 is expected to see a surge in demand for commercial vehicles according to Tata.
Projections indicate that passenger vehicle sales in India will reach a record high in FY24, exceeding 4.2 million units. This surge is fueled by robust growth in SUV sales, with SUVs anticipated to constitute over 50 per cent of overall sales, compared to 43 per cent in FY23. Additionally, the increasing preference for zero-emission PVs further contributes to this upward trend.
In FY24, Tata Motors’ Passenger Vehicles, inclusive of EVs, achieved the third consecutive year of record-breaking sales, with wholesales totalling 573,495 units, marking a 6 per cent increase compared to FY23. Retail sales, based on Vahan data, also experienced significant growth, rising by approximately 10 per cent compared to FY23.
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “With sales of cars powered by traditional fuels (petrol and diesel) flattening, almost the entire incremental volume growth of FY24 is expected from rising sales of emission-friendly powertrains.”
Tata’s battery-powered PVs and CNG vehicles have contributed nearly 29 per cent of overall sales with the latter enduring over 120 per cent YoY growth. The EVs were responsible for a total of 73,833 units and registered a strong 48 per cent growth vs FY23 as Tata reasserted its dominance at the top of the zero-emission sales charts.
In Q4 FY24, Tata Motors achieved its highest-ever wholesales, reaching 1,55,651 units, reflecting a growth of 15 per cent compared to Q4 FY23. Notably, the quarter saw a significant uptick in EV sales, with 20,640 units sold resulting in 29 per cent YoY growth. Furthermore, in March 2024, the company surpassed the 50,000 unit sales mark for the third consecutive month with 14 per cent growth.