Tata Motors posts 18% growth in passenger vehicle segment, EV sales grow by 39%
Tata Motors on Wednesday announced that it sold 48,289 passenger vehicles in January 2023, registering an 18 per cent sales growth as compared to the same month a year ago when it retailed 40,942 units. The number includes Tata Motors' domestic and international passenger vehicle sales, as well as electric vehicles too.
In the domestic market, it sold 47,987 units of passenger vehicles, including electric cars. This marked an 18 per cent sales growth as compared to January last year when it retailed 40,777 units of passenger vehicles. The automaker claims to have shipped 302 passenger vehicles last month to international markets, up by 83 per cent from the same month last year when it exported 165 units.
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In the electric vehicle segment, the homegrown automaker has posted 39 per cent sales growth combining domestic and international numbers. The car manufacturer also claims to have sold 4,133 electric cars in January 2023, significantly up from 2,982 units retailed in January last year.
Meanwhile, the automaker has increased the pricing of its offerings like the Tata Tiago, Tata Punch, Tata Tigor, etc., from Wednesday. The automaker announced that this price hike comes on the back of the increased overall input costs. The auto company claims that a 1.2 per cent price hike on every vehicle has been implemented based on a weighted average basis. “The company has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike," Tata Motors said in a statement.
Tata Motors is not the only carmaker that announced a price hike in 2023. Earlier in January, its rival brand and India's top car maker Maruti Suzuki raised prices of its cars by an average of 1.1 per cent across its models, blaming similar cost pressures.