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Tata Motors Reports Q1 FY25 with Strong Commercial Vehicle Sales & Steady Passenger Vehicle Demand

Tata Motors Limited has announced a total sales figure of 229,891 units for Q1 FY 2024-25, showing a marginal increase from the 226,245 units sold during the same period in the previous fiscal year. This growth is underpinned by a notable performance in the commercial vehicle (CV) segment, despite a slight dip in the passenger vehicle (PV) segment.

Commercial Vehicle Segment Drives Growth

The commercial vehicle segment registered a total sales figure of 91,209 units, marking a 6% year-on-year increase. In June 2024 alone, domestic sales of Medium and Heavy Commercial Vehicles (MH&ICV) reached 14,640 units, up from 14,427 units in June 2023. For the first quarter of FY25, domestic MH&ICV sales were recorded at 40,349 units, a significant rise from the 35,188 units sold in Q1 FY24.

When combining domestic and international sales, MH&ICV sales for June 2024 were 15,224 units, compared to 14,770 units in June 2023. Over the entire quarter, this figure stood at 41,974 units, up from 36,577 units in the previous fiscal year’s first quarter.

Girish Wagh, Executive Director of Tata Motors Ltd., highlighted the strong performance, stating, “Tata Motors Commercial Vehicles domestic sales at 87,615 units in Q1 FY25 were approximately 7% higher than Q1 FY24 sales. The M&HCV segment led the growth with around a 10% increase in sales volumes compared to the same period last year. This growth was driven by sustained demand in the heavy commercial vehicle (HCV) sector and a positive market sentiment in the medium commercial vehicle (MCV) segment, particularly in e-commerce, auto-aggregates, and LPG sectors.”

Wagh further noted the robust recovery in the CV passenger business, with school and staff transportation segments experiencing a 39% growth during the quarter. However, the small and light commercial vehicle segments saw a decline of around 6% in Q1 FY25 compared to Q1 FY24, primarily due to financing challenges faced by first-time users.

Looking ahead, Wagh expressed optimism about the commercial vehicle sector, citing a forecast of a healthy monsoon, continued government support for infrastructure projects, and stable demand in staff, intercity, and stage carriage segments despite a seasonal dip expected in school transportation in Q2. He emphasized Tata Motors’ commitment to supporting its customers while monitoring macroeconomic factors such as geopolitical developments, interest rates, fuel prices, and inflation.

Passenger Vehicle Segment Maintains Stability

In the passenger vehicle segment, Tata Motors recorded sales of 138,682 units in Q1 FY25, a slight decrease of 1% compared to Q1 FY24. This marginal decline reflects the company’s strategy to align wholesales with retail demand to manage channel inventory effectively.

Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., explained, “After a surge in demand in early April due to regional festivities, the passenger vehicle market experienced a slowdown in May and June, influenced by general elections and heatwaves across the country. Despite this, Tata Motors maintained stable wholesales, readjusting them to match retail sales and control inventory levels.”

The electric vehicle (EV) market also faced challenges, primarily due to the broader industry trend and the significant preponement of fleet sales in Q4 FY24, driven by the expiration of the FAME II subsidy in March 2024. While the personal segment showed slight growth, the fleet segment saw a sharp decline, which is expected to recover in the coming quarters.

Chandra expressed confidence in the recovery of demand, citing strong enquiry levels despite the recent retail slump. “The strong enquiry pipeline, coupled with the upcoming festive season starting in August, bodes well for the industry. Tata Motors is well-prepared to capitalize on this growth opportunity, driven by robust demand for its SUV portfolio, particularly the Punch and Nexon, along with new launches in the coming months,” he added.

Overall, Tata Motors has demonstrated resilience and strategic acumen in navigating the complexities of the automotive market. The company’s focus on aligning production with market demand, coupled with a diversified vehicle portfolio and robust recovery in key segments, positions it well for sustained growth in the coming quarters.

Domestic Sales Performance:

Category June’24June’23%ChangeQ1 FY25Q1 FY24%Change
Total Domestic Sales 74,14780,383-8%225,719222,3452%

Commercial Vehicles:

Category June’24June’23%ChangeQ1 FY25Q1 FY24%Change
HCV Trucks  8,8919,625-8%24,69024,7690%
ILMCV Trucks 4,9974,7236%13,79110,32134%
Passenger Carriers  5,6544,81018%14,89310,74539%
SCV cargo and pickup 11,08113,990-21%34,24136,390-6%
Total CV Domestic 30,62333,148-8%87,61582,2257%
CV IB 1,3571,16616%3,5943,5701%
Total CV 31,98034,314-7%91,20985,7956%

Passenger Vehicles:

Category June’24June’23%ChangeQ1 FY25Q1 FY24%Change
Total PV Domestic (includes EV) 43,52447,235-8%138,104140,120-1%
PV IB100124-19%57833075%
Total PV (includes EV)43,62447,359-8%138,682140,450-1%
EV (IB + Domestic)  4,6577,025-34%16,57919,346-14%

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

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