Tata Motors Ltd reported a 2% increase in its total domestic vehicle sales for September. The company sold 82,023 units, compared to 80,633 units in the same month last year.
Tata Motors stated that passenger vehicle sales in the domestic market, including electric vehicles, declined by 6% with sales of 44,809 units. This is down from 47,654 units sold in September 2022.
However, the company saw a significant growth of 57% in electric vehicle sales, including international markets, with 6,050 units sold compared to 3,864 units in the same month last year.
Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra commented on the sales performance, saying, “Passenger vehicle sales remained strong in Q2 FY24, driven by new launches and pre-festive demand. We sold 1,38,939 cars and SUVs in Q2 FY24, which is a 2.7% decline compared to our highest ever quarter, Q2 FY23.”
Chandra also highlighted the strong momentum of the EV business, stating, “Our EV business has shown a remarkable year-on-year growth of about 55%.” He added that the company introduced the twin-cylinder CNG offering to Tiago, Tigor, and Punch models in Q2 FY24, which received a positive response from the market.
Tata Motors’ total commercial vehicles sales saw a 12% increase in September 2023, with 39,064 units sold compared to 34,890 units in September 2022.
Girish Wagh, Executive Director of Tata Motors, mentioned that commercial vehicles domestic sales reached 99,178 in Q2 FY24, a 6% increase from Q2 FY23. He highlighted the significant growth of 24% in the medium and heavy commercial vehicles segment, driven by government infrastructure projects, replacement demand, growth in core sectors, and the e-commerce sector.
Stay updated with the latest stock market news on Zeebiz.com. For more business, politics, tech, sports, and auto news, visit Zeebiz.com.