Tata Motors rose 1.55% to Rs 394.10 after the company's total domestic sales for December 2022 stood at 72,997 vehicles, up by 10% compared with 66,307 units sold during December 2021.
While total commercial vehicle (CV) sales fell by 0.6% to 33,949 units, total passenger vehicles (includes EV) sales jumped 13.9% to 40,407 units in December 2022 over December 2021.Total sales in domestic and international market stood at 2,28,169 in Q3FY23 compared with 1,99,634 units during Q3FY22.
Girish Wagh, executive director, Tata Motors said, Tata Motors commercial vehicles domestic sale in Q3FY23 at 91,704 units grew 1.3% over Q3FY22, while being 2% lower than those recorded in Q2FY23. Our continued focus on retail during the quarter resulted in retail sales surpassing wholesale by 13% in December'22, by 6.3% in Q3FY23, and reducing inventory as we transition towards BSVI phase-2 norms. The growth in Q3FY23 was led by stronger sales of MHCVs (+35% vs Q3FY22) and a robust recovery in passenger carriers demand (+84% vs Q3FY22). Improving fleet utilizations, pick up in road construction projects and increase in cement consumption catalysed the demand recovery for MHCVs. CV exports, however, remained subdued due to the prevailing economic situation in most overseas markets. Going forward, we expect a good replacement demand, especially in MHCVs in Q4 FY23, as we also maintain a close watch on the evolving geopolitical situation, inflation and interest rate risks on both the supply and demand.
Shailesh Chandra, managing director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, For Tata Motors passenger vehicles, CY22 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 industry with strong retails from new launches, robust festive demand, and adequate supply of vehicles. Tata Motors PV posted the highest ever quarterly and monthly retails in Q3FY23 and Dec'22, respectively.
Further he added that 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% vs Q3 FY22) and in Dec'22 of 40,043 units (growth of 13.4% vs Dec'21) with the popular SUV range continuing to contribute to two-third of the sales volumes. EVs posted their highest ever sales in Q3FY23 at 12,596 units (growth of 116.2%) 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 Jan'23. 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. 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.
Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. It is India's market leader in commercial vehicles and amongst the top three in the passenger vehicles market.
The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
