Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said the passenger vehicle industry in Q1 FY24 witnessed a robust demand driven by new launches, especially in the SUV segment and EVs.
“Tata Motors continued its growth trajectory registering quarterly sales of 1,40,450 units in Q1 FY24 and recording a growth of 8 per cent over Q1 FY23,” he added.
In the EV segment, he said the company posted its “highest-ever quarterly sales of 19,346 in Q1 FY24, registering a growth of 105 per cent over Q1 FY23”.
“This growth is driven by a strong market response to Tiago EV while demand for other EVs was sustained,” Chandra said.
Going forward, he said, “We expect the demand to remain robust with the onset of the festive season in the second half of Q2FY24. The supply side situation remains stable.” On the commercial vehicles (CV) front, total sales were down 8 per cent at 34,314 units as compared to 37,265 units in June last year. Domestic CV sales were down 4 per cent at 33,148 units as against 34,409 units in the year-ago month, the company said.
Tata Motors Ltd Executive Director Girish Wagh said the company’s CV domestic sales in Q1 FY24 were at 82,225 units, 14.1 per cent lower than Q1 FY23 sales.
“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,” Wagh said.
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