Tata Motors opens FY2024 on a strong note even as demand picks up for its EVs; estimated wholesales of 6,516 units in April mark a new monthly high.
01 May 2023 | 9087 Views | By Ajit Dalvi
Tata Motors, which has clocked half-a-million sales in both CY2022 and FY2023, has begun FY2023 with sales of 47,107 units in April 2023, up 13.15% year on year (April 2022: 41,630 units) and 6.95% better than March 2023’s 44,044 units.
The company, which retails seven passenger vehicles – ...
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Tata Motors, which has clocked half-a-million sales in both CY2022 and FY2023, has begun FY2023 with sales of 47,107 units in April 2023, up 13.15% year on year (April 2022: 41,630 units) and 6.95% better than March 2023’s 44,044 units.
The company, which retails seven passenger vehicles – Altroz, Tigor, Tiago, Nexon, Punch, Harrier and the Safari – in the domestic market, is currently ranked No. 3 after Maruti Suzuki India and Hyundai Motor India.
Tata Motors has capitalised on the surging demand for its SUVs, particularly the Nexon and the Punch which are currently the best-selling and the No. 4 SUVs in India.
Last month, the carmaker expanded its CNG car portfolio to the premium Altroz hatchback, which becomes the third car from the Tata Motors PV stable, after the Tiago and Tigor, to get the CNG treatment. Among the car’s highlights is the dual-cylinder setup that enables two 30-litre tanks positioned under the boot floor to free up storage space.
In FY2023, the company saw retails of 40,323 CNG cars, which a 471% YoY increase albeit on a low-year-ago base (FY2022: 7,059). What is creditable is that despite its recent entry into the CNG market, Tata Motors has already grabbed 13% of the CNG car market.
The EV advantage . . . and new competition
Where Tata Motors continues to have a strong market advantage is in the fast-growing electric vehicle market. With four products – Nexon EV, Tigor EV and Xpres-T (for fleet buyers) and the sub-Rs 10 lakh Tiago EV – the company is driving home the gains.
The highlight of the company’s performance is that it has recorded its best-ever monthly EV wholesales – 6,516 units bettering March 2023’s 6,509 units and February’s 5,318 units. Put this down to the company’s supplies for its Tiago EV, for which it has received over 20,000 bookings as also sustained demand for the Xpres-T sedan that has garnered over 49,000 orders from seven fleet operators in FY2023.
Nevertheless, in India’s expanding electric car and SUV market, Tata Motors, which had commanded an 80% EV market share, is beginning to see competition. As per Vahan retail sales data for April 2023, Tata Motors accounted for 3,748 units of the total 5,147 units, which gives it a 72.81% share. Mahindra & Mahindra, with 499 units, has moved into second place which is clearly an impact of the growing demand for all-electric XUV400, the first real challenger to the Nexon EV.
Tata Motors is leveraging the platform of the Indian Premier League to increase awareness of EVs, while also batting big for its Tiago EV, the official partner for mega cricket tournament. The Tiago EV will now competition from the MG Comet EV, for which bookings will open on May 15.
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