Heavy commercial vehicles registered a 28% decline.
01 Oct 2024 | 3820 Views | By Autocar Pro News Desk
Mumbai-based Tata Motors' domestic commercial vehicle wholesales slid by 23% to 28,631 units during September 2024, as compared to a similar period last year, when it registered 37,214 units.
As per the data released by the company, HCV registered a 28% decline, with 9,295 units sold during September 2024, ...
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Mumbai-based Tata Motors' domestic commercial vehicle wholesales slid by 23% to 28,631 units during September 2024, as compared to a similar period last year, when it registered 37,214 units.
As per the data released by the company, HCV registered a 28% decline, with 9,295 units sold during September 2024, as against 12,867 units sold during the month of September 2023. Intermediate, light, and medium commercial vehicle (ILMCV) trucks, on the other hand, reported 5,387 unit sales in September 2024—a drop of 16% as against 6,377 units in September 2023.
Passenger carriers recorded 3,101 unit sales in September 2024 as against 3,344 units in September 2023, which is a drop of 7%.
The small commercial vehicle (SCV) cargo and pickup segment registered a steep drop of 26 % to 10,848 units in September 2024, when compared with 14,626 units in September 2023.
Girish Wagh, Executive Director, Tata Motors Ltd. said, “Tata Motors Commercial Vehicles domestic sales at 79,931 units in Q2 FY25 were around 19% lower than Q2 FY24 sales. Sales in September 2024 were around 11% higher, as compared to August 2024."
He further noted that a slowdown in infrastructure project execution, reduction in mining activity and an overall drop in fleet utilization due to heavy rains, resulted in the HCV segment recording a 25% YoY decline in Q2 FY25 and the ILMCV segment registering an 11% decline.
The passenger commercial vehicles business saw a 3% increase in Q2 FY25 versus Q2 FY24, on the back of resilient demand in the passenger commercial vehicles business. SCVPU volumes declined by 25% YoY, and the company expects a gradual improvement as we press on with initiatives to address challenges in first-time user financing.
"As we move forward, with the rains easing, increased infrastructure spending, and the arrival of the festive season boosting consumption, we anticipate demand to pick up gradually in Q3, led by ILMCV and Buses, followed by M&HCV and SCVPU," Wagh added.