Tata motors domestic sales soar 3% in March 2021

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Tata motors domestic sales soar 3% in March 2021 (Image: @TataMotors/Twitter)
Tata motors domestic sales soar 3% in March 2021 (Image: @TataMotors/Twitter)

Delhi : On Saturday, Tata Motors reported that its total domestic wholesales grew by 3% to 89,351 units in March from the same month the previous year. March 2022 saw 86,718 units sold by the corporation.

The car manufacturer reported that in the domestic market, passenger vehicle sales last month totaled 44,044 units, up from 42,293 units in the corresponding month last year. In comparison to the 47,050 units sold in March 2022, the domestic market for commercial vehicles sold 46,823 units in March 2018.

The company sold 9,31,957 units in total on the domestic market during the fiscal year that ended March 31, 2023, up 35% from the 6,92,554 units sold in 2021–2022 and 9,31,957 units overall.

Compared to FY22, when there were 3,70,372 passenger car dispatches, there were 5,38,640 dispatches, an increase of 45%.

"In India, sales of passenger vehicles reached a new high in FY23. The early-year COVID pent-up demand, the introduction of multiple new vehicles, and the alleviation of the semiconductor scarcity all contributed to the industry's strong increase "Shailesh Chandra, managing director of Tata Motors Passenger Vehicles, noted.

Although SUVs and EVs were the growth leaders, he stressed that customers' growing preference for secure automobiles and cutting-edge technological features was also noticeable.

According to Chandra, Tata Motors reached a new sales high by reporting its highest-ever domestic annual sales of 5,38,640 units, earning a strong 46% sales increase over FY22 and registering its third consecutive year of industry-beating growth.

Going ahead, we anticipate that the demand for personal vehicles will continue to be strong, with the trend towards electrification intensifying as more options are made accessible to customers and supported by a quickly expanding and improved ecosystem, the analyst said.

He continued, "But, a high base effect as well as macro variables like hardening interest rates, rising inflation, and the cost impact from progressive regulatory requirements may cause the growth rate of the passenger vehicle industry to decelerate."

We remain flexible and carefully watch the supply environment, paying close attention to semiconductors and any potential Covid waves, according to Chandra. In the domestic market, commercial vehicle sales climbed by 16% year over year to 4,13,539 units in FY23.

Tata Motors Executive Director Girish Wagh remarked, "With the government's ongoing emphasis on infrastructure development, we remain positive about the overall CV demand in FY24 while maintaining a close eye on geopolitical developments, interest rates, fuel costs, and inflation.