Tata Motors domestic sales surges 82% YoY in June 2022

1 Jul 2022 , 03:29 PM

Total commercial vehicles (CV) (domestic + exports) jumped 69% to 37,265 units in June 2022 over 22,100 units in June 2021. Total domestic CV sales in June 2022 stood at 34,409 units, registering a growth of 76% as against 19,594 units sold in June 2022. CV exports increased 14% to 2,856 units from 2,506 units during the period under review. Girish Wagh, executive director of Tata Motors, said, Tata Motors Commercial Vehicles domestic sale in Q1 FY23 at 95,703 units was 121% higher than Q1 FY22 (a COVID impacted quarter) while being 13% lower than the previous quarter Q4 FY22. The growth in Q1 has been broad-based across regions and segments. The M&HCV and I&LCV segments grew by 104% and 138%, respectively, over the same quarter (Q1) last year on the back of increased activity in road construction, mining, and growth in agriculture and e-commerce. SCV demand from last-mile distribution has remained robust backed by continued consumer spending. He further added, CV Passenger saw a strong recovery, with a 57% increase over Q4 FY22, due to the opening of schools and replacement of staff buses. The International Business declined by 23% over Q1 FY22, majorly due to a drop in industry volume on account of the financial crisis in Sri Lanka and Nepal. Going ahead, we remain cautiously optimistic about overall demand while keeping a close watch on interest rates, transporter profitability, commodity prices and semiconductor availability. On 28 June 2022, Tata Motors announced an impending price hike of its commercial vehicle (CV) range. An increase in price in the range of 1.5-2.5%, will come into effect from 1 July 2022 across the range, depending upon individual model and variant. Total domestic passenger vehicle (PV) sales jumped 87% to 45,197 units in June 2022 as compared to 24,110 units sold in June 2021. PV ICE (internal combustion engine) sales surged 78% to 41,690 units while PV EV (electric vehicle) sales soared 433% to 3,507 units in June 2022 over June 2021. Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, ?Demand for passenger vehicles continued to stay strong in Q1 FY23 even as the supply side remained moderately impacted due to the lockdown in China. Overcoming the challenges, Tata Motors posted record-breaking monthly sales (June22) as well as quarterly sales (Q1 FY23). For the month of June22, sales were highest ever at 45,197 units, registering a growth of 87% versus June21. Quarterly sales for Q1 FY23, at 130,125 units, was also the highest ever, posting a growth of 102% versus Q1 FY22. Our SUV portfolio contributed 68% of Q1FY23 sales. He further added, ?Electric vehicle sales attained new heights with quarterly sales of 9,283 in Q1 FY23 and highest-ever monthly sales of 3,507 units in June22. Nexon EV Max launched in May22, has witnessed strong demand. Going forward, we expect the supply side, including that of critical electronic components to progressively improve. We will continue to keep a close watch on the evolving demand and supply situation and take appropriate actions.? Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. The company reported a consolidated net loss of Rs 1,032.84 crore in Q4 FY22 as against a net loss of Rs 7,605.40 crore in Q4 FY21. Net sales declined by 11.3% YoY to Rs 77,857.16 crore during the quarter. Shares of Tata Motors were up 0.46% to Rs 413.60 on the BSE. Powered by Capital Market – Live News