Tata Motors Sold 2,43,024 Units In Q2FY24 Driven By Commercial And Electric Vehicles

Tata Group-backed automobile flagship, Tata Motors sold a total of 2,43,024 vehicles in the second quarter of FY24, marginally down from the sales of the same quarter a year ago. Of the total, sales of commercial vehicles rose by 4% YoY to 1,04,085 units in Q2FY24, while the sales of passenger cars declined by 3% YoY to 1,38,939 units in the quarter. Meanwhile, the company's electric vehicles segment posted robust growth of 55% YoY with sales of 18,615 vehicles in Q1FY24.

In the Q2 of FY23, the sales stood at 2,43,387 units.

During Q2FY24, Tata Motors domestic sales were at 2,37,128 units, slightly up from 2,36,090 units sold in Q2FY23.

Girish Wagh, Executive Director, Tata Motors Ltd. said, "Tata Motors Commercial Vehicles domestic sales stood at 99,178 in Q2 FY24, 6% higher than Q2 FY23. Our upgraded BS6 phase II product range continues to see good traction as our customers experience benefits of lower total cost of ownership, efficient powertrains, and enhanced value-additions."

Under the commercial vehicles segment, MH&ICV including trucks and buses saw sales of 18,577 units vs. 14,062 units in Sep 2022 domestically. While in Q2 FY24, the sales were 45,174 units, compared to 38,143 units in Q2 FY23.

Domestic & International sales for MH&ICV in Sep 2023, was 19,199 units versus 4,736 units in Sep 2022; while in Q2 FY24 it stood at 46,845 units, vs 40,556 units in Q2 FY23.

Wagh added, "M&HCV segment saw a strong growth of 24% over Q2 of FY23, fuelled by continued government infrastructure push, robust replacement demand, and growth in core sectors, along with sustained growth from the e-commerce sector. We have scaled up our electric bus manufacturing to service orders won from various STUs under CESL's Grand Challenge.

Meanwhile, Shailesh Chandra, Managing Director, of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, "Passenger vehicle sales remained strong in Q2 FY24 driven by new launches and pre-festive offtakes. Tata Motors posted quarterly sales of 1,38,939 cars and SUVs in Q2 FY24, ~2.7% below our highest-ever quarter, Q2 FY23. Our EV business continues its strong momentum and has posted growth of about 55% year-on-year."

In September 2023, the sales of electric vehicles were at 6,050 units including both domestic and international market, rising by a whopping 57% year-on-year.

In Q2FY24, Chandra further added, "We extended our innovative twin-cylinder CNG offering to Tiago, Tigor and Punch, which have been received well by the market. This quarter also saw the launch of the new generation Nexon and Nexon.ev, which have received an overwhelming market response. We had proactively reduced supplies of the outgoing models this quarter to enable a smooth transition to the new generation models."

Looking ahead, Wagh said, "continuing infrastructure thrust by the Government and improving consumption auger well for the CV industry, while rural demand remains to be a key monitorable, as monsoon has been below average."

While Chandra added, "With deliveries commencing of our exciting new generation products, we expect stepped-up volumes in this festive season and beyond."

On BSE, Tata Motors share price ended at Rs 630.35 apiece, up by 2.67% last week on Friday.