Auto Sales March 2023: Tata Motors Registers 3% YoY Growth

Tata Motors has released its monthly sales numbers for March 2023. Its total domestic sales numbers (passenger vehicles and commercial vehicles) stood at 89,351 units in March 2023 as opposed to 86,718 units in March 2022, showing a year-over-year growth of 3 per cent. Having sold 78,006 units in February 2023, the company recorded a month-over-month growth of 14.5 per cent.

Its passenger vehicle sales also saw a small increase of 4 per cent YoY. The automaker sold 44,225 passenger vehicles in March 2023 as opposed to 42,466 in the same period last year. Tata Motors also registered a 2.5 per cent increase month-over-month in March 2023. International business sales numbers also went up by 5 per cent from 173 units in February 2022 to 181 units in February 2023. But the EV business saw the biggest spike, registering an 89% YoY growth having sold 6,509 units in the month.

Shailesh Chandra, MD, Tata Motors Passenger Vehicles said, “FY23 has set a new record for passenger vehicle sales in India. The steep growth witnessed by the industry was driven by post COVID pent up demand in early part of the year, the launch of several new vehicles and easing of the semiconductor shortage. While SUVs and EVs led this growth, customers’ rising preference for safe vehicles and smart technology features was equally pronounced.”

However, commercial vehicle sales in March 2023 saw a minor 0.48 per cent decline as compared to the same month last year. The sale of medium & heavy commercial vehicles saw an increase of 10 per cent YoY sales, and the same of passenger carriers saw an even larger 47 per cent increase, with all other categories of commercial vehicles registering declining numbers. In all, Tata Motors sold 46,823 CVs in March 2023.

Girish Wagh, Executive Director, Tata Motors Ltd. said, “Higher replacement demand, advance buying in anticipation of price hikes, and year-end buying to claim depreciation benefits, further buoyed the demand towards the end of the quarter. As a result, M&HCVs grew by over 33% vs Q3 FY23, while being 18% ahead of Q4 FY22. However, the demand for small and light commercial vehicles continued to be impacted due to high interest rates and high base effect.”

In terms of the quarterly figures, Tata Motors saw a 6 per cent hike in overall domestic sales figures YoY, selling 2,47,038 units in Q4 FY2023. Domestic passenger vehicle sales for Q4 FY2023 stood at 1,34,893, registering a growth of 10 per cent, while the exports saw a growth of 41 per cent, rising up to 761 units. The overall EV business (domestic+exports) saw a YoY growth of 70 per cent, selling 15,960 units in Q4 FY2023. The commercial vehicle business however, saw a 3 per cent decline YoY in the quarter, with 1,16,168 units sold overall.

Overall in FY 2023, Tata Motors sold 9,31,957 units in the domestic market, a 35 per cent increase over FY 2022. Of these, 5,38,640 units were passenger vehicles, which saw a 45 per cent growth from FY 2022. The EV business saw the largest growth at 154 per cent, going up to 50,043 units in FY 2023. On the other hand, the CV business saw a growth of 16 per cent, selling 4,13,538 units.