Tata Motors PV Sales In March 2024 Shows 14% YoY domestic Growth

Key Highlights:

• Tata Motors sold 43,372 domestic ICE passenger vehicles.
• Domestic EV sales reached 6,738 units.
• Tata Motors exported 187 passenger vehicles.

Despite facing numerous challenges, including supply chain disruptions and market uncertainties, the Pune-based automaker has managed to deliver decent growth across its commercial and passenger vehicle segments.

Sales unit data reveals compelling insights into the company's strategic focus on both traditional internal combustion engine (ICE) vehicles and the burgeoning electric vehicle (EV) market. 

Although the overall domestic sales growth of Tata Motors is only 2% but they have shown notable growth in passenger vehicle sales. We can say that Tata is losing control in commercial vehicle segment as there is a decline of 10% in monthly sales, 4% in yearly sales and 6% in Quarterly. 

Q4 FY 2023-24: Impressive Sales Figures

In the fourth quarter of FY 2023-24, Tata Motors reported a total of 265,090 vehicle sales, marking a significant increase from the 251,822 units sold during the same period in FY 2022-23.

Positive Trends in Passenger Vehicle Segment

During Q4 FY 2023-24, Tata Motors recorded sales of 155,010 passenger vehicles, up from 135,654 units in the same period last year, indicating a notable 15% YoY growth. Similarly, for March 2024, the company sold a total of 155,651 units in the PV segment, showcasing a 15% YoY growth.

Domestic Sales Highlights for March 2024

Tata Motors witnessed steady growth in domestic sales for March 2024, with a total of 90,822 units sold, reflecting a marginal 2% year-on-year (YoY) increase inlcudes both commercial and passenger vehicle. 

Notably, out of these sales, 50,110 units belonged to the passenger vehicle segment. This figure represents a substantial 14% YoY growth compared to the previous year.

Overseas Market Performance

In March 2024, Tata Motors exported only 187 units, a slight increase from the 181 units shipped overseas in March 2023.

Insights from Shailesh Chandra

Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., expressed optimism regarding the Indian passenger vehicle market. He anticipated a record-breaking performance in FY 2023-24, with over 4.2 million units sold, driven by robust SUV sales. Chandra projected that SUVs would constitute over 50% of total sales, compared to 43% in FY 2022-23.

Moreover, Chandra highlighted the expected growth in the electric vehicle (EV) and compressed natural gas (CNG) segments, projecting a 70% and 55% YoY growth, respectively. He attributed this growth to new product launches, expanding charging infrastructure, rising CNG stations, lower operating costs, and increased customer awareness towards environmental sustainability.

Contribution of EV and CNG Segments

As of now, the EV and CNG segments collectively contribute 29% to Tata Motors' overall passenger vehicle sales. Notably, the CNG segment witnessed an impressive 120% growth in FY 2023-24, while the EV segment surged by 48%. Tata Motors reported sales of 73,833 electric cars in FY 2023-24, indicating a significant uptake in electric mobility.

Carbike360 Says

Tata Motors' stellar performance in FY 2023-24 not only reaffirms its status as a leading player in the Indian automotive industry but also highlights its resilience, innovation, and forward-thinking approach. As the company continues to chart its course towards sustainable growth and technological advancement, it is poised to remain a key driver of change and progress in the years to come.

Also Read: Mahindra Passenger Vehicle Sales in March 2024 | Overall 4% Domestic YoY Growth