Tata Motors December 2023 Domestic Sales Rise 4% YoY

Tata Motors noted a 4 per cent year-on-year (YoY) surge in its total domestic sales for December 2023, reaching 76,138 units compared to 72,997 units in the same month of the previous year. 

The Mumbai-based automotive giant also reported a marginal increase in its overall sales during the third quarter of the current financial year, totaling 2,34,981 vehicles, a slight uptick from the 228,169 units recorded in the corresponding period of the previous fiscal year.

While commercial vehicle (CV) demand remained somewhat subdued, witnessing a modest 1 per cent increase with 34,180 units sold in December 2023, the passenger vehicle (PV) segment exhibited robust performance. 

Within the CV category, passenger vehicles outpaced others with 19 per cent YoY growth in Q3 FY24. Girish Wagh, Executive Director of Tata Motors, attributed the muted CV sales to several factors, including the higher base effect, the impact of elections held across five states, and a post-festive seasonal slowdown in rural consumption.

Tata Motors' PV segment, inclusive of electronic vehicles, recorded a 9 per cent jump in domestic sales for December 2023, totaling 43,470 units. The overall PV sales for Q3 FY24 also reflected a 5 per cent increase at 1,37,875 units compared to the same quarter in the previous fiscal year. Subsidiaries Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited contributed to these figures.

Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, expressed confidence in the PV sales growth trajectory. He noted that the industry is expected to achieve its highest-ever sales in the calendar year 2023, surpassing the four million mark. 

Chandra highlighted a single-digit overall growth, emphasizing the remarkable rise in emission-friendly product categories. The electric vehicle (EV) and compressed natural gas (CNG) segments, in particular, exhibited substantial growth rates, exceeding 90 per cent and 25 per cent, respectively, showcasing a growing preference for environmentally conscious and smart technologies among Indian consumers.

Tata Motors' EV sales posted a healthy 21 per cent YoY growth in Q3 FY23, attributed to the successful launch of the Nexon EV and the increasing popularity of the Tiago EV.