Tata Motors witnesses a 28% YoY drop in domestic commercial vehicle wholesales in April 2023
Within the entire portfolio, ILMCV bore the brunt, declining by 62% to 2148 units in April this year, compared to 5607 units reported during the corresponding month of the previous year.
The domestic commercial vehicle business of Mumbai-based Tata Motors witnessed a 28% drop in April 2023, registering 21,507 units as against 29,880 units during April 2022.
Within the entire portfolio, ILMCV bore the brunt, declining by 62% to 2148 units in April this year, compared to 5607 units reported during the corresponding month of the previous year. Furthermore, SCV cargo and pickup slid by 30% to 10314 units against 14711 units during the comparable period.
On the other hand, heavy commercial vehicles (HCV), which are considered a barometer of infrastructure development also saw a dip of 6% to 6984 units in comparison to 7425 units earlier. Additionally, passenger carriers witnessed a 4% drop to 2061 units in April 2023 compared with 2137 units in April 2022.
The drop in sales volume was expected, as the months following the new fiscal year, tend to be slow in terms of growth. The problem, however, is that even in March sales, which is when transporters seem to close their purchases, there was nothing much to cheer about, even as several financial institutions including the World Bank and Asian Development Bank have forecasted a slowdown in the Indian economy. In March 2023, the auto major managed a flat YoY growth of just about 2% at 45,307 units of total sales. While M&HCV reported 15,963 units, which translates to a 10% jump over March 2022, I&LCV dropped by 13% to 6,570 units. On the other hand, the passenger carrier segment grew by 47% to 3,973 units. Likewise, SCV and cargo reported a 4% decline to 18,801 units.
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