Tata Motors posts 8% growth in December with 43,675 cars sold

Tata Motors on Monday announced that it recorded 43,675 passenger vehicles in December 2023, up by eight per cent compared to December 2022, when it sold 40,407 cars in domestic market and overseas markets. The homegrown automobile giant also claimed that electric cars and CNG-powered vehicles played a key role in the brand's growth trajectory.

Tata Motors said that 138,455 cars in the third quarter of this financial year, between October and December 2023. This marked a five per cent growth compared to 132,255 units sold during the same period of last financial year. In India, Tata Motors claims to have sold 43,470 units in December 2023, up by nine per cent from 40,043 units retailed in the same month a year ago. The carmaker sold 137,875 units of passenger vehicles in the domestic market in the last quarter, up by five per cent from the same quarter of last fiscal, when it sold 131,297 units.

While Tata Motors registered single-digit growth in December 2023 as well as in the last quarter, its export numbers dipped substantially. Tata Motors shipped only 205 cars to overseas markets in December 2023, down by 44 per cent from 364 units recorded in December 2022. In the last quarter, the automaker sold 580 units in the overseas markets, down by 39 per cent from 958 units recorded in the same quarter a year ago.

Tata Motors has been leading the Indian electric car market with its models like Nexon EV, Tiago EV and Tigor EV. The homegrown carmaker leads the Indian electric passenger vehicle segment with nearly 80 per cent market share. The automaker sold 5,006 electric cars in India and overseas markets in December 2023, up by 29 per cent from 3,868 units sold in the same month a year ago. On the other hand, it sold 15,232 electric cars in both domestic and overseas markets in the last quarter, up by 21 per cent from 12,596 units recorded in the same quarter a year ago.

Speaking about the automaker's sales performance, Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said that the compact SUV segment helped the company to post a major growth in the last quarter. “The PV industry is expected to post its highest ever sales in the calendar year 2023 (CY23), crossing the significant four million mark, supported by a strong supply situation, new nameplates launched in the SUV segment, and a robust demand during the longer festive period. Coming off a high base, the industry recorded a single-digit growth overall with the key highlight of this moderate rise being the sharp growth registered in emission-friendly product categories. Both EV and CNG segments posted growth greater than 90 per cent and 25 per cent respectively, signalling a growing preference for green and smart technologies by Indian customers," he further added.