During Q1 FY24, the company reported a growth of 105 percent in the EV segment with 19,346 unit sales, as opposed to 9,446 units in Q1 FY23. This growth is driven by a strong market response to Tiago EV while demand for other EVs was sustained, said the official statement.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger
Electric Mobility Ltd. said, “The Passenger Vehicle industry in Q1 FY24 witnessed robust demand driven by new launches, especially in the SUV segment and EVs. Tata Motors continued its growth trajectory registering quarterly sales of 140,450 units in Q1 FY24 and recording a growth of 8% over Q1 FY23. "
Further, he added, "In June 2023, the company posted wholesales of 47,359 units, a growth of 5% over Jun ’22. While SUVs continued to be the mainstay, contributing almost 64% of the sales in Q1FY24, car sales remained strong, buoyed by the multi-power train offerings of Tiago and Altroz. The recently launched Altroz iCNG, has received much acclaim and excellent response from customers."
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Going forward, he said, "We expect the demand to remain robust with the onset of the festive season in the second half of Q2FY24. The supply side situation remains stable."
In the Commercial Vehicles (CV) segment, the overall sales were down by 8 percent at 34,314 units in June 2023 against 37,265 units in June 2022. Domestic CV sales witnessed a decline of 4 percent with 33,138 unit sales as opposed to 34,409 units in the same period previous year.
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