Mumbai- Tata Motors Limited., announced sales numbers for the first quarter of fiscal year 2023-24. During this period, the firm reported a total of 2,26,245 vehicle sales in both domestic and international markets, a little decrease from the same quarter the previous fiscal year, when 2,31,248 vehicles were sold.
The sales of commercial vehicles (CV), which include trucks and buses, fell by 15%. The statistic for CV sales in the first quarter of FY 2023-24 was 85,795 units, a decrease from Q1 FY 2022-23.
In the domestic market, sales of medium and heavy commercial vehicles (MH&ICV), which include trucks and buses, increased in June 2023. This month's domestic MH&ICV sales were 13,980 units, above the previous month's total of 13,366 units. However, when looking at the total performance for Q1 FY 2023-24, domestic MH&ICV sales were 34,256 units, a reduction from the 37,491 units sold in the previous fiscal year's corresponding period.
Taking both domestic and international sales into consideration, the total figure for MH&ICV, which includes trucks and buses, in June 2023 was 14,323 units. This figure fell slightly as compared to June 2022, when 14,362 units were sold. Similarly, overall MH&ICV sales in Q1 FY 2023-24 were 35,645 units, a reduction from 39,696 units sold in Q1 FY 2022-23.
Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, “Tata Motors Commercial Vehicles domestic sales at 82,225 in Q1 FY24 were 14.1% lower than Q1 FY23 sales while for the month of June '23, they were 20.2% higher than the vehicle sales registered in May '23. We successfully upgraded the entire vehicle portfolio during BS6 Phase 2 transition, beyond the mandatory requirements, to offer more features, value-adds and benefits to customers. M&HCV growth was driven by the strong infrastructure push by the Government, as well as increased activity in e-commerce, construction, and replacement demand in auto logistics and petroleum sector. During the quarter, we started deliveries of Electric Buses, in accordance with the CESL tender mandate and expect to ramp up supplies in the coming months. Looking ahead, the promising monsoon and continuing infrastructure thrust by the Government auger well for the CV industry, even as it faces the headwinds of high interest rates, fuel prices and inflation.”
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