Tata Motors Commercial Vehicles See Steady Growth in Q3 FY24

Tata Motors' Commercial Vehicles segment reports robust growth in Q3 FY24, with domestic sales up across MH&ICV and Passenger segments.

Mumbai- Tata Motors Ltd., the Commercial Vehicles (CV) segment demonstrated resilience and growth in the third quarter of the fiscal year 2023-24 (Q3 FY24). The company reported domestic and international sales of Medium and Heavy Commercial Vehicles (MH&ICV) reaching 17,591 units in December 2023, compared to 15,756 units in the same month of the previous year. Additionally, the performance in the entire Q3 FY24 saw a significant uptick, with 46,534 units sold, marking a notable increase from 42,369 units in Q3 FY23.

Mr. Girish Wagh, Executive Director, Tata Motors Ltd said thatTata Motors Commercial Vehicles registered domestic sales of 91,735 in Q3FY24, marginally higher than Q3FY23 sales of 91,704. The M&HCV segment grew ~14% vs Q3FY23, with demand coming from government’s infrastructure initiatives, expansion in core industries, and sustained growth in e-commerce. The Passenger Commercial Vehicles segment continued to register consistent post pandemic recovery with sales rising ~19% vs Q3FY23. The YoY growth trend witnessed during past quarters paused in Q3FY24 on account of the higher base effect, impact of elections held across 5 states, and the post festive seasonal slowdown in rural consumption. Going forward, we expect demand to improve in Q4FY24 across most segments of the CV industry due to the Government’s continuing thrust on infrastructure development, the promising growth outlook of the economy and our demand-pull initiatives.