Tata Motors announced a 2 percent increase in March’s total domestic wholesales, reaching 90,822 units. In comparison, the company sold 89,351 units domestically during the same period last year. Notably, sales of passenger vehicles, including electric variants, saw a significant uptick, rising by 14 percent to 50,297 units in March, up from 44,225 units in the previous year’s corresponding period.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “Passenger vehicle sales in India are projected to set a record in FY24 with over 4.2 million units sold supported by strong growth in SUV sales (SUVs expected to surpass 50 percent of overall sales in FY24 vs 43 percent in FY23) and rising popularity of emission-friendly powertrains.” With sales of cars powered by traditional fuels (petrol and diesel) flattening, almost the entire incremental volume growth of FY24 is expected from rising sales of emission-friendly powertrains, he added. EV and CNG segments are projected to post robust growth of 70 percent and 55 percent respectively in FY24 vs FY23, on the back of multiple new launches, growing charging infrastructure and CNG stations, significantly lower operating costs and growing consciousness among customers to be environment friendly, Chandra said.
In FY24, Tata Motors Passenger Vehicles (including EVs), posted its third consecutive year of highest ever sales with wholesales of 5,73,495 units (up 6 percent vs FY23) and retail sales growing around 10 percent vs FY23 (Vahan-based). Although, no new nameplate was launched, Tata Motors multi-powertrain strategy enabled it to deliver healthy growth with vehicles powered by CNG and EV contributing nearly 29 percent of overall sales. In CNG, its portfolio of four products with innovative twin-cylinder technology, grew over 120 percent vs FY23. The preference for Tata.ev products across both personal and fleet segments continued to grow and further strengthened its leadership in this segment with sales of 73,833 units and registering a strong 48 percent growth vs FY23, the company said.
In Q4FY24, Tata Motors Passenger Vehicles (including EVs) recorded its highest ever wholesales of 1,55,651 units, registering a growth of 15 percent vs Q4FY23. During the quarter, the highest number of EVs (20,640 units) were sold, posting a robust growth of 29 percent vs Q4FY23. In March 2024, the company crossed sales of 50k units for the third consecutive month, led by new launches in CNG and EVs and continued strong response being received for the new Nexon, Harrier and Safari, launched in earlier quarters, Tata Motors highlighted.
Chandra said, “Going forward, we expect the demand for passenger cars to remain strong, although the high base effect may keep the growth rate in single digit. Customers’ rising preference for safe and green vehicles should result in double digit growth for sale of cars with emission-friendly powertrains supported by new launches and a stronger value proposition – emission-friendly, lower total cost of ownership and equipped with smarter features.”