Tata Motors records best-ever annual sales in CY2023: 550,838 PVs, EV share rises to 12.55%
While this is a 5% increase over CY2022’s 526,798 units, CY2023 marks the second consecutive year that Tata has surpassed the half-a-million PV sales milestone. EV sales at 69,153 units are up 62% and their contribution has increased to 12.55% from 8% a year ago.
Tata Motors has registered its best-ever annual wholesales performance yet in CY2023: 550,838 units. This constitutes a 4.56% increase over the 526,798 units the car and SUV manufacturer sold in CY2022 and marks the second consecutive year that it has surpassed the half-a-million passenger vehicle sales milestone.
The company, which retails seven PVs – Altroz, Tigor, Tiago, Nexon, Punch, Harrier and the Safari – in the domestic market, has capitalised on surging demand for its SUVs, particularly the Nexon and the Punch compact SUVs. What also helps the company is that Tata Motors' PV portfolio covers petrol, diesel, CNG and electric powerplants, thereby expanding its consumer reach.
CY2023 marks the second straight year that Tata Motors has surpassed the half-a-million PV sales milestone and is set to repeat this in FY2024.
What has also helped Tata Motors’ accelerated growth is its first-mover advantage in the fast-growing electric vehicle market, where it has an over 70% market share. The company currently retails the Nexon EV, Tigor EV and Xpres-T (for fleet buyers) and the Tiago EV. In CY2023, Tata Motors sold 69,153 EVs, up by a strong 59.15% YoY (CY2022: 43,451 EVs). This also means an increase in the company’s EV penetration levels – to 12.55% from 8.24% in CY2022.
Commenting on the Q3 FY2024 (October-December 2023) performance, Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said: “In Q3 FY24, we recorded wholesales of 138,455 units (up 5% vs Q3 FY23). Our strong focus on retail sales during the quarter resulted in Vahan registrations significantly rising by ~14% vs Q3 FY23 and ~24% vs Q2 FY24. We significantly strengthened our market position, reduced channel stock sharply and received an excellent market response to the new avatars of the Nexon, Harrier and Safari, launched during the quarter."
He added, "Sales of our emission-friendly products in the EV segment and innovative twin-cylinder iCNG range, also recorded steep growth during Q3 FY24. EV sales posted a healthy growth of 21% vs Q3 FY23 (domestic + IB), led by the launch of the new Nexon EV and continuing popularity of the Tiago EV, while the four products in the CNG segment cumulatively registered a substantial 214% growth vs Q3 FY23. Going forward, with multiple new products, including a new nameplate scheduled for launch in CY2024, we remain optimistic about continuing the growth trend in the quarters ahead.”
Driving towards 500,000-plus sales in FY2024 including 75,000 EVs
With nine months of FY2024 over, Tata Motors is also well on track to achieve sales of over 500,000 units in the ongoing fiscal year. In the April-December 2023 period, it has recorded cumulative sales of 415,945 units, up 3% (April-December 2022: 403,747 units) including 53,193 EVs, up 56% YoY (April-December 2022: 34,083 EVs).
Tata Motors had last year targeted EV sales of 100,000 units in FY2024. However, this big number may not be achievable albeit, with three months to go for the fiscal to end, the carmaker is en route to clock cumulative sales of around 75,000 units. At present it is averaging monthly EV sales of 5,910 units.
Since the launch of the Tiago EV in January 2023, Tata Motors says it has unlocked huge potential to increase its EV sales by adding 160 more cities in its EV sales network. Having inaugurated its two flagship EV-exclusive showrooms in Gurugram on December 21, it now plans to open 50-100 more such stores across the country in the next 12-18 months. With all of 10 new all-electric product launches lined up until 2025, Tata Motors aims to be a diversified player in the passenger EV segment.
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