Tata Motors Excels in Q3 FY24: Strong Growth in Commercial and Passenger Vehicles
In Q3 FY24, Tata Motors (NS:) achieved robust sales, totaling 234,981 vehicles globally compared to 228,169 units in the same period last year. The domestic sales of Medium and Heavy Commercial Vehicles (MH&ICV) in December 2023 reached 16,851 units, up from 15,244 in December 2022. For Q3 FY24, MH&ICV domestic sales stood at 44,365 units, showing growth from 40,391 units in Q3 FY23.
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The combined domestic and international MH&ICV sales for December 2023 were 17,591 units, surpassing 15,756 units in December 2022. For Q3 FY24, it reached 46,534 units, up from 42,369 units in Q3 FY23.
Mr. Girish Wagh, Executive Director at Tata Motors, reported domestic Commercial Vehicles sales in Q3 FY24 at 91,735, slightly higher than Q3 FY23’s 91,704. The Medium and Heavy Commercial Vehicle (M&HCV) segment grew by approximately 14%, driven by government initiatives and sustained e-commerce growth. Passenger Commercial Vehicles sales increased by about 19% compared to Q3 FY23.
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Looking ahead, Mr. Wagh expressed optimism for Q4 FY24, expecting demand improvement across Commercial Vehicle segments due to government infrastructure focus and positive economic growth.
Mr. Shailesh Chandra, Managing Director at Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., projected a strong outlook for the Passenger Vehicles industry, expecting record-breaking sales in the calendar year 2023, surpassing 4 million units. The industry recorded single-digit overall growth, with significant increases in emission-friendly product categories, such as EV and CNG segments.
For Tata Motors, calendar year 2023 marked the third consecutive year of achieving record sales, totaling around 553,000 units. In Q3 FY24, wholesales reached 138,455 units, a 5% increase compared to Q3 FY23. The company’s strategic focus on retail sales resulted in substantial growth in Vahan registrations. The launch of new models received an excellent market response, and sales of emission-friendly products in the EV segment and the innovative twin-cylinder iCNG range recorded substantial growth during Q3 FY24.
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Looking forward, Tata Motors remains optimistic about sustaining its growth trend in the coming quarters, with multiple new products, including a new nameplate scheduled for launch in CY24.
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X (formerly, Twitter) – aayushxkhanna
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In Q3 FY24, Tata Motors (NS:) achieved robust sales, totaling 234,981 vehicles globally compared to 228,169 units in the same period last year. The domestic sales of Medium and Heavy Commercial Vehicles (MH&ICV) in December 2023 reached 16,851 units, up from 15,244 in December 2022. For Q3 FY24, MH&ICV domestic sales stood at 44,365 units, showing growth from 40,391 units in Q3 FY23.
The combined domestic and international MH&ICV sales for December 2023 were 17,591 units, surpassing 15,756 units in December 2022. For Q3 FY24, it reached 46,534 units, up from 42,369 units in Q3 FY23.
Mr. Girish Wagh, Executive Director at Tata Motors, reported domestic Commercial Vehicles sales in Q3 FY24 at 91,735, slightly higher than Q3 FY23’s 91,704. The Medium and Heavy Commercial Vehicle (M&HCV) segment grew by approximately 14%, driven by government initiatives and sustained e-commerce growth. Passenger Commercial Vehicles sales increased by about 19% compared to Q3 FY23.
Looking ahead, Mr. Wagh expressed optimism for Q4 FY24, expecting demand improvement across Commercial Vehicle segments due to government infrastructure focus and positive economic growth.
Mr. Shailesh Chandra, Managing Director at Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., projected a strong outlook for the Passenger Vehicles industry, expecting record-breaking sales in the calendar year 2023, surpassing 4 million units. The industry recorded single-digit overall growth, with significant increases in emission-friendly product categories, such as EV and CNG segments.
For Tata Motors, calendar year 2023 marked the third consecutive year of achieving record sales, totaling around 553,000 units. In Q3 FY24, wholesales reached 138,455 units, a 5% increase compared to Q3 FY23. The company’s strategic focus on retail sales resulted in substantial growth in Vahan registrations. The launch of new models received an excellent market response, and sales of emission-friendly products in the EV segment and the innovative twin-cylinder iCNG range recorded substantial growth during Q3 FY24.
Looking forward, Tata Motors remains optimistic about sustaining its growth trend in the coming quarters, with multiple new products, including a new nameplate scheduled for launch in CY24.
—————————————————————–
X (formerly, Twitter) – aayushxkhanna
CYBER MONDAY SALE: You can avail InvestingPro+ at a massive 60% discount and by using the coupon code PROC324 get an extra 10% discount over and above the ongoing promotional price for the Bi-yearly plan and 1PROC324 for the annual plan. Click on the image below to access the link
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