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Tata Motors Records Strong Sales Performance in Q4 FY24, With Notable Growth in Passenger Vehicles

Mumbai, April 1, 2024 – Tata Motors Limited has announced its sales figures for the fourth quarter of the financial year 2023-24, showcasing a robust performance with a total of 2,65,090 units sold in both domestic and international markets. This marks an increase from the 2,51,822 units sold during the same quarter of the previous fiscal year.

The sales figures reveal a notable year-on-year growth of 15% in the Passenger Vehicles (PV) segment, with sales reaching 1,55,651 units. However, the Commercial Vehicles (CV) segment experienced a slight decline of 6%, with sales totaling 1,09,439 units.

Domestic sales of Medium & Heavy Commercial Vehicles (MH&ICV) in March 2024 showed a slight decrease, with 19,976 units sold compared to 22,437 units in March 2023. The quarterly figures also reflected a downtrend, with 50,643 units sold in Q4 FY24 against 54,435 units in Q4 FY23.

Mr. Girish Wagh, Executive Director of Tata Motors Ltd., provided insights into the commercial vehicles industry’s dynamics, highlighting the impact of high base effects, state elections, and the anticipation of general elections on sales trends. Despite these challenges, Tata Motors seized the opportunity to enhance its vehicle portfolio significantly, leading to an impressive total sales figure of approximately 3,96,000 units in FY24.

The company’s adaptation to the BS6 Phase II emission norms has been well received, contributing to the overall sales momentum. However, the domestic sales in the M&HCV segment saw a marginal decrease of approximately 6% in Q4 FY24 compared to the previous year, primarily due to financing constraints affecting the ‘First Time User’ category.

Mr. Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., expressed optimism regarding the future of passenger vehicle sales in India. He highlighted the surge in sales of SUVs and emission-friendly powertrains, attributing almost the entire volume growth in FY24 to these segments. The company’s focus on electric vehicles (EVs) and CNG-powered models has led to a significant sales boost, with EV sales growing by 48% and CNG sales by over 120% compared to FY23.

In Q4 FY24, Tata Motors Passenger Vehicles set a new record with its highest-ever quarterly sales of 1,55,651 units, marking a 15% increase from Q4 FY23. The period also saw the highest number of EVs sold in a quarter, with 20,640 units, demonstrating a strong consumer demand for eco-friendly transportation options.

Looking ahead, Tata Motors anticipates sustained demand for passenger cars, with a particular focus on vehicles that offer a combination of safety, environmental friendliness, and innovative features.

Domestic Sales Performance:

Category March’24March’23% ChangeQ4 FY24Q4 FY23% ChangeFY24FY23% Change
Total Domestic Sales 90,82289,3512%2,59,9322,47,0385%9,49,0159,31,9572%

Commercial Vehicles:

Category March’24March’23% ChangeQ4 FY24Q4 FY23% ChangeFY24FY23% Change
HCV Trucks  12,71014,206-11%31,70736,068-12%1,16,5011,10,7465%
ILMCV Trucks 6,7818,327-19%16,60718,508-10%58,82266,328-11%
Passenger Carriers  5,8543,97347%14,41810,45638%43,48934,62726%
SCV cargo and pickup 15,36718,801-18%42,19047,113-10%1,59,2481,81,616-12%
Total CV Domestic 40,71245,307-10%1,04,9221,12,145-6%3,78,0603,93,317-4%
CV IB 1,5501,5162%4,5174,02312%17,78520,222-12%
Total CV 42,26246,823-10%1,09,4391,16,168-6%3,95,8454,13,539-4%

Passenger Vehicles:

Category March’24March’23% ChangeQ4 FY24Q4 FY23% ChangeFY24FY23% Change
Total PV Domestic (includes EV) 50,11044,04414%1,55,0101,34,89315%5,70,9555,38,6406%
PV IB1871813%641761-16%2,5402,4474%
Total PV (includes EV)50,29744,22514%1,55,6511,35,65415%5,73,4955,41,0876%
EV (IB + Domestic)  6,7386,5094%20,64015,96029%73,83350,04348%

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

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