Auto Sales March 2024: Tata Motors Saw Growth Of Only 2% In FY2024

Tata Motors sold nearly 5.73 lakh units of passenger vehicles in the financial year 2023-24 (FY 2024), witnessing a year-on-year growth of six per cent. In the same period, it sold nearly 3.96 lakh commercial vehicles, a decline of 4 per cent compared to FY 2023. Combined, Tata Motors sold more than 9.49 lakh units which is a growth of just 2 per cent compared to the last financial year. 

In March 2024, the Indian marque sold 50,297 units of passenger vehicles (including EVs), which is 14 per cent more than the same period last year. In the same period, it sold 42,262 commercial vehicles, registering a downtick of 10 per cent compared to March 2023. 

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Domestic passenger vehicle sales for Tata Motors amounted to 50,110 passenger vehicles (including EVs) and exported only 187 units in March 2024. Domestic sales saw a YoY growth of 14 per cent, while exports only saw a growth of three per cent. 

Tata Motors' commercial vehicle business took a hit as most of the segments saw a downturn of up to 19 per cent in March 2024 and up to 12 per cent in FY 2024. Last month, the brand sold 42,262 units which is 10 per cent lower compared to March 2023. However, exports of its commercial vehicles witnessed a growth of only two per cent, with Tata Motors exporting just 1,550 commercial vehicles last month. 

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In FY 2024, Tata Motors sold more than 3.78 lakh commercial vehicles, 4 per cent lower than in FY 2023. Commercial vehicle exports in FY 2024 saw a 12 per cent decrease, with Tata Motors only exporting 17,785 commercial vehicles. During the same period, Tata Motors sold nearly 5.71 lakh passenger vehicles in the domestic market (6 per cent higher than FY 2023) and exported 2,540 passenger vehicles that saw a Y-o-Y growth of 4 per cent. Passenger vehicle sales also include EVs. 

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Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd, said, “Going forward, we expect the demand for passenger cars to remain strong, although the high base effect may keep the growth rate in single digit. Customers’ rising preference for safe and green vehicles should result in double-digit growth for the sale of cars with emission-friendly powertrains supported by new launches and a stronger value proposition - emission-friendly, lower total cost of ownership and equipped with smarter features.”