Tata Motors registered total sales of 234,981 units in Q3FY24

Mumbai, January 2024.

Tata Motors sales in the domestic & international market forQ3FY 2023-24 stood at 234,981 vehicles, compared to 228,169units during Q3FY 2022-23

Domestic Sales Performance:

Category Dec’23 Dec’22 % Change Q3 FY24Q3 FY23 % Change 
Total Domestic Sales 76,13872,9974%229,610223,0013%

Commercial Vehicles:

Category Dec’23 Dec’22 % Change Q3 FY24Q3 FY23 % Change 
HCV Trucks  11,19910,17810%29,65627,6257%
ILMCV Trucks 5,6755,2558%15,41114,0929%
Passenger Carriers  3,0602,69414%7,7046,49419%
SCV cargo and pickup 12,73414,827-14%38,96443,493-10%
Total CV Domestic 32,66832,954-1%91,73591,7040%
CV IB 1,51299552%4,7914,21014%
Total CV 34,18033,9491%96,52695,9141%

Domestic sales of MH&ICV in Dec 2023, was 16,851 units vs 15,244 units in Dec 2022; In Q3 FY24 it was 44,365 units, compared to 40,391 units in Q3 FY23.

Domestic & International sales for MH&ICV in Dec 2023 was 17,591 units vs 15,756 units in Dec 2022; while in Q3 FY24 it stood at 46,534 unitsvs 42,369 units in Q3 FY23.

Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said,Tata Motors Commercial Vehicles registered domestic sales of 91,735 in Q3FY24, marginally higher than Q3FY23 sales of 91,704. The M&HCV segment grew ~14% vs Q3FY23, with demand coming from government’s infrastructure initiatives, expansion in core industries, and sustained growth in e-commerce. The Passenger Commercial Vehicles segment continued to register consistent post pandemic recovery with sales rising ~19% vs Q3FY23. The YoY growth trend witnessed during past quarters paused in Q3FY24 on account of the higher base effect, impact of elections held across 5 states, and the post festive seasonal slowdown in rural consumption.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.”

Passenger Vehicles:

Category Dec’23 Dec’22 % Change Q3 FY24Q3 FY23 % Change 
Total PV Domestic (includes EV) 43,47040,0439%137,875131,2975%
PV IB205364-44%580958-39%
Total PV (includes EV)43,67540,4078%138,455132,2555%
EV (IB+Domestic)  5,0063,86829%15,23212,59621%

Includes sales of Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, both subsidiaries of Tata Motors Limited.

Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.said, “The PV industry is expected to post its highest ever sales in the calendar year 2023 (CY23), crossing the significant 4 million mark, supported by a strong supply situation, new nameplates launched in the SUV segment, and a robust demand during the longer festive period. Coming off a high base, the industry recorded a single digit growth overall with the key highlight of this moderate rise being the sharp growth registered in emission-friendly product categories. Both EV and CNG segments posted growth greater than 90% and 25% respectively, signaling a growing preference for green and smart technologies by Indian customers.

For Tata Motors, CY23 was the third consecutive year of posting highest ever sales of ~553K, led by its commanding position in the compact SUV segment and strong growth in hatches, despite the hatch segment degrowing at an industry level. 

In Q3FY24, we recorded wholesales of 138,455 units (up 5% vs Q3FY23). Our strong focus on retail sales during the quarter resulted in Vahan registrations significantly rising by ~14% vs Q3FY23 and ~24% vs Q2FY24. We significantly strengthened our market position, reduced channel stock sharply and received an excellent market response to the new avatars of the Nexon, Harrier and Safari, launched during the quarter.Sales of our emission-friendly products in the EV segment and innovative twin-cylinder iCNG range, also recorded steep growth during Q3FY24. EV sales posted a healthy growth of 21% vs Q3FY23 (domestic + IB), led by the launch of the new Nexon EV and continuing popularity of the Tiago EV, while the four products in the CNG segment cumulatively registered a substantial 214% growth vs Q3FY23.

Going forward, with multiple new products, including a new nameplate scheduled for launch in CY2024, we remain optimistic about continuing the growth trend in the quarters ahead.”