Tata Motors announced its sales in the domestic and international market went up 14 per cent to 2,28,169 units during October-December of fiscal 2022-23 (Q3FY23), against 1,99,634 units during Q3FY22.
According to the company, improving fleet utilisations, pick-up in road construction projects and increase in cement consumption catalysed the demand recovery for medium and heavy commercial vehicles (MHCVs).
On commercial vehicle sales, Girish Wagh, Executive Director, Tata Motors, said, "Tata Motors commercial vehicles domestic sale in Q3FY23 at 91,704 units grew 1.3 per cent over Q3FY22, while being 2 per cent lower than those recorded in Q2FY23. Our continued focus on retail during the quarter resulted in retail sales surpassing wholesale by 13 per cent in December 2022, by 6.3 per cent in Q3FY23, and reducing inventory as we transition towards Bharat Stage Emission Standards 6 (BSVI) phase-II norms.
Girish Wagh added, "The growth in Q3FY23, was led by stronger sales of MHCVs (35 per cent growth vs Q3FY22) and a robust recovery in passenger carriers demand (84 per cent growth vs Q3FY22)."
The executive director said CV (commercial vehicles) exports, however, remained subdued due to the prevailing economic situation in most overseas markets. Going forward, the company expects a good replacement demand, especially in MHCVs in Q4FY23, as it also maintains a close watch on the evolving geopolitical situation, inflation and interest rate risks on both the supply and demand, Girish Wagh said in a statement released on Sunday.
Domestic sales of Medium and Heavy Intermediate Commercial Vehicles (MH and ICV) in Q3FY23, including trucks and buses, stood at 40,391 units, against 33,753 units in Q3FY22. Total sales for MH-ICV domestic and international business in Q3FY23, including trucks and buses, stood at 42,369 units, against 37,887 units in Q3FY22.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, "For Tata Motors passenger vehicles, CY22 (calendar year 2022) has been a momentous year as we outpaced industry growth and crossed the distinctive milestone of 5 lakh units comfortably to post wholesale of 526,798 units. Last quarter (Q3FY23) was one of the best quarters for the PV (passenger vehicle) industry with strong retails from new launches, robust festive demand, and adequate supply of vehicles."
According to the company, Tata Motors PV (Passenger Vehicles) posted the highest-ever quarterly and monthly retails in Q3FY23 and December 2022, respectively.
"We also crossed the coveted 50,000 units of monthly retail for the first time. Wholesales recorded in Q3FY23 were of 131,297 units (growth of 32.6 per cent vs Q3 FY22) and in December 2022 of 40,043 units (growth of 13.4 per cent vs December 2021) with the popular SUV (sports utility vehicle) range continuing to contribute to two-third of the sales volumes," Shailesh Chandra said.
According to Shailesh Chandra, EVs posted their highest-ever sales in Q3FY23 at 12,596 units, which is 116.2 per cent growth, and crossed the landmark cumulative sales milestone of 50,000 units.
"Tiago.ev received tremendous response, post the bookings opening during the quarter; deliveries to start in January 2023. Going forward, we expect the growth momentum for EVs to remain strong with their rising popularity and the announcement of progressive policies by several states," Shailesh Chandra said.
Shailesh Chandra said, "Overall, we expect the PV industry to continue witnessing robust demand in the next quarter. We intend to remain vigilant and closely monitor any possible impact on the supply side due to rising Covid case globally."
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