Tata Motors expects CV industry growth to be in double digits this fiscal

Home-grown automaker Tata Motors expects the commercial vehicle industry sales to grow in double digits this year despite hike in interest rates on auto loans, the company's Executive Director Girish Wagh told PTI. This seems possible thanks to factors such as government's investment in infrastructure, gradually increasing consumption in the country as well as robust growth in end-use sectors like e-commerce outweigh headwinds such as high inflation and increased interest rates.

File photo of Tata Motors' commercial vehicles
File photo of Tata Motors' commercial vehicles

On the other hand, the government's investment in infrastructure and number of projects, the gradually increasing consumption in the country as well as the end-use sectors such as e-commerce are showing robust growth. Wagh also added that the rising freight rates and fleet utilisation are continuously increasing the transporter confidence index. "The actual demand is going to be a net factor of the headwinds and tailwinds, within which the inflation, interest rates remain kind of headwinds," he added.

Also Read : Tata Nexon EV Jet Edition launched at 17.50 lakh. Here's what's special

As per the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of 2022-23, domestic sales of commercial vehicles grew 112 per cent at 2,24,512 units as against 1,05,800 units in the year-ago period. In 2021-22, this grew by 26 per cent at 7,16,566 units as compared to 5,68,559 units in 2020-21.

Also check these Vehicles

Find more Cars
Force Motors Gurkha (HT Auto photo)
₹ 13.59 Lakhs* **Ex-showroom price
Add to compare
Check latest offers
Mean Metal Motors Azani (HT Auto photo)
₹ 88 - 90 Lakhs* *Expected Price
View Details
Tata Nexon (HT Auto photo)
₹ 8.10 - 13 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Tata Tigor (HT Auto photo)
₹ 5.39 - 7.82 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Tata Punch (HT Auto photo)
₹ 5.99 - 10.10 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Tata Harrier (HT Auto photo)
₹ 15.49 - 26.44 Lakhs* *Ex-showroom price
Add to compare
Check latest offers

As for the impact of interest rates on vehicle loans, Wagh said that interest rates do have a fair bit of impact on the EMIs of a vehicle. “Of late with the interest rates increasing no doubt, the EMIs will go up," he added. He also said that the industry has worked with financial institutions to provide such financing solutions that there is not much increase in the EMIs.

As for the outlook of Tata Motors, Wagh said that the company's focus would remain on profitable growth, although it sees demand picking up in the second half of the fiscal.

First Published Date: 11 Sep 2022, 16:22 PM IST
TAGS: Tata Motors
Shopping Bag Shop Now
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
73% OFF
IDELLA Car Duster, Extendable Long Handle Microfiber Car Duster Exterior Scratch Free Car Cleaning Tool, Car Dust Brush for Truck, Pickup, SUV, RV, Motorcycle, Vehicles Cleaning,(Multicolor)
Rs. 239 Rs. 899
1% OFF
GOODAIR Clear Car Windshield Enhancer | Classic |12 Tablets
Rs. 295 Rs. 299
55% OFF
Antson Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable, Portable,Rechargeable Vacuum (2 in 1)
Rs. 899 Rs. 1,999

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.