While September numbers are up 85% YoY, sales for the first half of FY2023 at 272,450 units are an 84% increase and already 73% of the company’s record annual sales of 373,138 units in FY2022
Tata Motors, which grabbed the headlines with the reveal of its Tiago EV at a sub-Rs 10 lakh price last week, has notched its best-ever monthly sales yet. The company has reported sales of 47,654 units in September 2022, which beats the previous best of 47,505 units in July 2022 by 149 units.
The September 2022 numbers, which comprise 43,999 IC engine passenger vehicles – the monthly highest – and 3,655 electric vehicles, are a robust 85% year-on-year growth (September 2021: 25,729 units).
Seen from the half-year perspective, Tata Motors' cumulative sales in the April-September 2022 period at 272,450 units are up 84% on year-ago sales (April-September 2021: 148,319) and already 73% of the company’s record annual sales of 373,138 units in FY2022.
A close look at the numbers (see data table below) also reveals that Q2 FY2023 (July-September 2022) numbers at 142,325 units are up 9.37% on Q1 FY2023’s (April-June 2022) 120,842 units, indicating that consumer demand for its stable of passenger vehicles is accelerating for the company.
The company, which is firing on all cylinders with its ICE pack of the Altroz, Tiago, Tigor, Nexon, Punch, Harrier and Safari, has entered the CNG market too with its Tiago i-CNG and Tigor i-CNG.
Commenting on the sales performance, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, “The PV industry witnessed strong demand during Q2 FY23 fuelled by the festive season and new launches. Tata Motors scaled new highs in passenger vehicles with sales of 142,325 units during the quarter, recording a growth of ~70% versus Q2 FY22. The company also attained its highest ever monthly sales of 47,654 units in September 2022, posting 85% growth. Led by record-setting sales of Nexon and Punch, SUV sales contributed a rich ~66% of the quarterly PV sales. In electric vehicles, the company once again posted record-breaking sales of 11,522 units in Q2FY23, registering a growth of 326% versus Q2 FY22. Going forward, we expect the festive season will witness strong retails on the back of improving supply of vehicles.”
EVs in full charge
Where Tata Motors has a strong advantage over its PV rivals is with its EV portfolio. At present, it has three models – the Nexon EV, Tigor EV and the fleet-only XPres-T EV – which with H1 FY2023 sales of20,805 units are a 370% YoY increase (H1 FY2022: 4,419 EVs).
The company, which is targeted production and sale of over 500,000 PVs, including 50,000 EVs, is well on track towards achieving its goal. In the first half of FY2023, average monthly sales of 45,408 units – 41,940 ICE and 3,468 EVs – augur well for the rest of the year. You can be sure its rivals are keeping a close watch on its moves.
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