Tata Motors Sales Report March 2024: Passenger Carrier Segment Leads Growth with 29% Increase

Key Highlights:

•    Tata Motors' March 2024 sales: 42,262 units.
•    Domestic HCV and ILMCV sales decline.
•    HCV truck sales are down by 11%.
•    Passenger carrier sales increased by 47%.
•    Total CV sales dropped by 10%.

Tata Motors Limited, a leading global automobile manufacturer, has reported sales figures for March 2024. Tata Motors Limited sold a total of 1,09,439 units of commercial vehicles and experienced a decline of 6% YoY. Tata Motor's domestic and international sales for Q4 FY 2023-24 was 2,65,090 units, up from 2,51,822 units in Q4 FY 2022-23.

In March 2024, the sale of medium and heavy commercial vehicles (MH&ICV) like trucks and buses within the country was 19,976 units compared to 22,437 units sold in March 2023. In Q4 FY24, it was 50,643 units, down from 54,435 units in Q4 FY23.

Let's break down the sales figures by category for March 2024 compared to March 2023:

Tata Motors Domestic Sales March 2024

HCV and ILMCV Trucks

Heavy Commercial Vehicles (HCV) Trucks: 12,710 units (11% Decrease)

In March 2024, there were 12,710 units of HCV trucks sold. Sales declined by 11% compared to March 2023 when 14,206 units were sold.

Intermediate and Light Commercial Vehicles (ILMCV) Trucks: 6,781 units (19% Decrease)

The sales of ILMCV trucks were 6,781 units in March 2024, showing a decline of 19% from March 2023. In March 2023, 8,327 units were sold in the ILMCV segment.

Passenger Carriers: 5,854 units (47% Increase)

In March 2024, there was an increase of 47% in the passenger carrier segment, with 5,854 units sold. In March 2023, 3,973 units were sold in this segment.

Small Commercial Vehicles (SCV) Cargo and Pickup: 15,367 units (18% Decrease)

In March 2024, 15,367 SCV cargo and pickup trucks were sold, down by 18% compared to 18,801 sales in March 2023.

Total Commercial Vehicle (CV) Domestic Sales: 40,712 units (10% Decrease)

The domestic CV sales totalled 40,712 in March 2024, showing a 10% decrease from March 2023's sales of 45,307.

Tata Motors Export Sales March 2024

Commercial Vehicle (CV) International Business (IB): 1,550 units (2% Increase)

The sales in the CV IB segment witnessed growth in March 2024, with 1,550 units sold, reflecting a 2% increase from March 2023's sales of 1,516 units.

Total Commercial Vehicle (CV) Sales: 42,262 units (10% Decrease)

In March 2024, the total CV sales stood at 42,262 units, which was down by 10% from March 2023's sales of 46,823 units.

Also Read: Tata Motors Registers 4% Drop in Commercial Vehicle Sales for February 2024

Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, “FY24 began on a promising note for the commercial vehicles industry with the industry expecting to scale the previous volume peak achieved in FY19. The trend of YoY sales growth in volumes across most segments of H1FY24 moderated in H2 due to the combined effects of a high base, elections held across 5 states in Q3FY24 and upcoming General Elections in Q1FY25. The industry transitioned to the BS6 Phase II emission norm and we used this opportunity to significantly enhance key attributes across our entire vehicle portfolio. Equipped with smarter technologies to deliver even better performance and value, the advancements have been well received by customers leading to overall sales of ~3,96,000 units in FY24.”

CMV360 Says

Tata Motors' sales for March 2024 show a small drop in overall commercial vehicle sales, mainly due to fewer sales of heavy trucks and light commercial vehicles within India. Yet, there's good news that more people are buying passenger carriers, and their global sales are up too, indicating a positive outlook despite some challenges.