Tata Motors has released its sales figures for the first quarter of the financial year 2023-24, and according to the data, the Indian automotive manufacturer registered 8 per cent year-on-year (YoY) growth, selling 1,40,120 units of passenger vehicles (including electric vehicles) in the domestic market. Meanwhile, its exports stood at 330 units, which represents massive growth of 63 per cent over Q1 FY23. Now, coming to the monthly sales figures, the manufacturer's domestic sales for the month of June 2023 closed at 47,325 units, as opposed to June 2022 when it sold 45,197 units. Its total sales in June stood at 47,359 units - denoting an increase of 5 per cent over the same period in the last fiscal. According to the company, the robust demand for passenger vehicles was largely driven by new product launches, particularly in the SUV segment and EVs.
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"While SUVs continued to be the mainstay, contributing almost 64% of the sales in Q1FY24, car sales remained strong, buoyed by the multi-power train offerings of the Tiago and the Altroz. The recently launched Altroz iCNG, has received much acclaim and excellent response from customers", said Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. & Tata Passenger Electric Mobility Ltd.
As for the EV segment, the company recorded a 105 per cent increase in Q1 FY24, posting its highest-ever quarterly sales of 19,346 units. This, according to the company, was driven by a strong market response to the Tiago EV and sustained demand for other EVs.
Tata Motors Commercial Vehicles: Sales Performance for Q1 FY24
In the commercial vehicle (CV) segment, Tata Motors witnessed a decline of 14 per cent. It posted its domestic sales of 82,225 units in Q1 FY24, as against 95,703 units sold during the same time period in the last financial year. Exports stood at 3,570 units, a decrease from 5,218 units posted in Q1 FY23.
Tata Motors Total Sales for Q1 FY24
Speaking of its total sales, Tata Motors managed to sell 2,26,245 products in Q1 FY24, when we compare it to 2,31,248 units sold during Q1 FY23. However, its total domestic sales (PVs + CVs) witnessed a 1 per cent increase, with sales of 80,383 units in June 2023 as against 79,606 units in June 2022.
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Tata Motors Sales Performance: What the Company Said?
Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, "Tata Motors Commercial Vehicles domestic sales at 82,225 in Q1 FY24 were 14.1% lower than Q1 FY23 sales while for the month of June '23, they were 20.2% higher than the vehicle sales registered in May '23. We successfully upgraded the entire vehicle portfolio during BS6 Phase 2 transition, beyond the mandatory requirements, to offer more features, value-adds, and benefits to customers. M&HCV growth was driven by the strong infrastructure push by the Government, as well as increased activity in e-commerce, construction, and replacement demand in the auto logistics and petroleum sector. During the quarter, we started deliveries of electric buses, in accordance with the CESL tender mandate and expect to ramp up supplies in the coming months. Looking ahead, the promising monsoon and continuing infrastructure thrust by the Government auger well for the CV industry, even as it faces the headwinds of high-interest rates, fuel prices, and inflation."
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