Updated January 1st, 2024 at 17:20 IST
Tata Motors records robust sales of 234,981 units in Q3 FY24, anticipates demand upsurge in Q4
The breakdown of Tata Motors sales for Q3 FY24 includes total commercial vehicle sales of 96,526 units, reflecting a 1% YoY growth.
Tata Motors announced that it recorded total sales of 234,981 units during the third quarter of the fiscal year 2023-24 (Q3 FY24), about 3 per cent higher than the company's sales during the year-ago period. The company remains optimistic about an upswing in demand across most segments of the Commercial Vehicle (CV) industry in the fourth quarter.
The breakdown of Tata Motors sales for Q3 FY24 includes total Commercial Vehicle (CV) sales of 96,526 units, reflecting a 1 per cent YoY growth, and total Passenger Vehicle (PV) sales of 138,455 units, showing a significant 5 per cent YoY increase.
Girish Wagh, Executive Director of Tata Motors Ltd, provided insights into the CV segment's performance, stating, "Tata Motors Commercial Vehicles registered domestic sales of 91,735 in Q3 FY24, marginally higher than Q3 FY23 sales of 91,704." The Medium and Heavy Commercial Vehicle (M&HCV) segment experienced around 14 per cent growth compared to Q3FY23, driven by government infrastructure initiatives and sustained growth in e-commerce.
In the Passenger Commercial Vehicles segment, consistent post-pandemic recovery was evident with a sales rise of approximately 19 per cent compared to Q3 FY23. Wagh added, "Going forward, we expect demand to improve in Q4FY24 across most segments of the CV industry due to the government’s continuing thrust on infrastructure development, the promising growth outlook of the economy, and our demand-pull initiatives."
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., highlighted the PV industry's robust performance, expecting the industry to surpass 4 million units in calendar year 2023 (CY23). Chandra noted that Tata Motors posted its highest-ever sales of around 553,000 units in CY23, with a focus on compact SUVs and strong growth in hatches.
In Q3 FY24, Tata Motors recorded wholesales of 138,455 units, a 5 per cent increase compared to the same quarter in the previous fiscal year. Chandra expressed optimism about continuing the growth trend in the upcoming quarters with multiple new product launches scheduled for CY2024.
Published January 1st, 2024 at 17:20 IST