Tata Motors, one of India’s leading automotive manufacturers, has released its sales figures for July 2024, showing a mixed performance across its passenger vehicle (PV) and commercial vehicle (CV) segments.
The company reported total sales of 71,996 units in the domestic and international markets, marking an 11% decline compared to 80,633 units sold in July 2023.
Passenger Vehicles: Slight Dip in Sales
In the passenger vehicle segment, Tata Motors registered total sales of 44,954 units in July 2024, representing a 6% decrease from 47,689 units sold in the same month last year. The domestic PV sales stood at 44,725 units, down 6% from 47,628 units in July 2023.
Notably, electric vehicle (EV) sales, including both domestic and international markets, saw a significant drop of 21%, with 5,027 units sold compared to 6,329 units in July 2023.
When compared to June 2024, the PV segment showed a slight increase. In June, Tata Motors had sold 43,624 units, indicating a month-on-month growth of about 3% in July.
Commercial Vehicles: Steeper Decline
The commercial vehicle segment experienced a more pronounced downturn in July 2024. Total CV sales stood at 27,042 units, marking an 18% decrease from 32,944 units sold in July 2023.
In the domestic market, CV sales reached 25,436 units, down 19% from 31,216 units in the previous year. The decline was particularly steep in the Small Commercial Vehicle (SCV) cargo and pickup category, which saw a 25% year-on-year decrease.
Compared to June 2024, when the company sold 31,980 CV units, July’s figures represent a month-on-month decline of about 15%.
Segment-wise CV Performance:
- Heavy Commercial Vehicles (HCV) Trucks: 6,493 units, down 24% year-on-year
- Intermediate and Light Medium Commercial Vehicles (ILMCV) Trucks: 4,341 units, down 11%
- Passenger Carriers: 4,424 units, up 3%
- SCV cargo and pickup: 10,178 units, down 25%
The only bright spot in the CV segment was the passenger carriers category, which showed a modest 3% growth compared to July 2023.
While the July figures show a decline in most segments compared to the previous year, it’s worth noting that the company had reported strong sales in the first quarter of FY25 (April-June 2024). The management had previously expressed optimism about recovery in demand, citing a strong enquiry pipeline and the onset of the festive season from August.
As Tata Motors navigates through these fluctuating market conditions, the company will likely focus on leveraging its strong SUV portfolio and upcoming new launches to boost sales in the coming months. The commercial vehicle segment may see improvements if the forecasted healthy monsoon and government infrastructure projects materialize as expected.