New Delhi: The homegrown automaker Tata Motors on Wednesday registered a decline of 82 percent in the domestic sales at 23,845 units in Q1FY21.
Domestic sales stood at 1,31,879 units during Q1 FY20, the company said in a release. The automaker sold a total of 25,047 vehicles in the domestic & international market in Q1 FY21 compared to 1,37,545 units during Q1 FY20 dropping 81.8 percent.
In the passenger vehicle segment, sales dipped 61 percent to 14,571 units in Q1FY21 as against 36,945 units in the corresponding quarter last year.
Commenting on PV sales, Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors Ltd said, “The COVID-19 lockdown deeply impacted PV industry sales in Q1FY21. After partial sales recovery in May’20, pent up demand supported a steeper recovery of retail in June’20.”
However, retail was stronger than wholesales by 27 percent, driven by the company’s focus on retail while ensuring optimum inventory levels in the network, noted Chandra.
He further added, “New Forever product portfolio, including the newly launched Altroz, continues to receive a strong response in the market. The response to the company’s EVs continues to be encouraging, with 328 EVs sold during the quarter.”
Total commercial vehicle sales (domestic + exports) crashed 90 percent to 10,476 units in Q1FY21 as against 1,00,357 units during the same period in FY20.
Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors Ltd. said, “Amidst subdued demand environment, Q1 was marked by a successful transition to BSVI across the range of commercial vehicles. As the country moved to the unlock phase, all plants started operations from the end of May and ramped up production gradually as parts availability improved. Retails was 67% behind wholesales due to negligible opening inventory at the dealers and muted demand.”
“There are early recovery signs in a few sectors, and we look forward to a gradual pickup in demand on the back of overall economic recovery, while we continue to address the challenges of intermittent demand and supply disruptions from COVID-19”, added Wagh.
As of 30th June 2020, Company has cash and cash equivalents of more than Rs 5,000 Crores and undrawn committed facilities of Rs 1,500 Crores, added the release.