Tata Motors CV Business Recorded 20% Growth Over Q2FY22

Leading and renowned commercial vehicle manufacturer, Tata Motors Limited announces its sales in the domestic & international market, for Q2FY23, which stood at 2,43,387 vehicles, compared to 1,71,270 units during Q2FY22.

Domestic Sales Performance:

Category	Sept22	Sept21	Growth(y-o-y)	Q2FY23	Q2FY22	Growth(y-o-y)
Total Domestic Sales	80,633	55,988	44%	2,36,090	1,62,159	46%

Commercial Vehicles:

Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said, “The commercial vehicles industry witnessed a consistent demand in Q2FY23. Tata Motors CV business registered a 20% growth in domestic sales over Q2FY22, recording sales of 93,675 units during the quarter. This growth was led by stronger sales of MHCVs and a robust recovery in passenger carriers' demand. Improving fleet utilization, pick up in road construction projects and increase in cement consumption catalysed the demand recovery for MHCVs.

 CV exports however shrunk sharply by 22% due to the economic situation in Sri Lanka and Nepal though it improved sequentially by ~30%. The recent exciting launches of the new range of smart trucks in MHCV and ILCV, and best-in-class pickups will help us serve our customers better. Going forward, while we expect strong sales in the festive season we will maintain a close watch on the evolving geopolitical, inflation and interest rate risks on both the supply and demand.“

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Category	Sept22	Sept21	Growth(y-o-y)	Q2FY23	Q2FY22	Growth(y-o-y)
M&HCV	9,983	8,609	16%	27,232	19,865	37%
I&LCV	5,144	5,600	-8%	13,725	13,584	1%
Passenger Carriers	2,287	1,085	111%	8,040	2,760	191%
SCV cargo and pickup	15,565	14,964	4%	44,768	42,017	7%
Total CV Domestic	32,979	30,258	9%	93,765	78,226	20%
CV Exports	1,911	3,000	-36%	6,771	8,661	-22%
Total CV	34,890	33,258	5%	1,00,536	86,887	16%

Domestic sales of MH&ICV in Q2 FY23, including trucks and buses, stood at 38,143 units, compared to 29,401 units in Q2 FY22. Total sales for MH&ICV Domestic & International Business in Q2 FY23, including trucks and buses, stood at 40,556 units, compared to 33,737 units in Q2 FY22.

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Bonus Content:

Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, “The PV industry witnessed strong demand during Q2FY23 fuelled by the festive season and new launches. Tata Motors scaled new highs in passenger vehicles with sales of 142,325 units during the quarter, recording a growth of ~70% versus Q2FY22. 

The company also attained its highest ever monthly sales of 47,654 in Sep’22, posting 85% growth versus Sep’21. Led by record-setting sales of Nexon and Punch, SUV sales contributed a rich ~66% of the quarterly PV sales. 

In electric vehicles, the company once again posted record-breaking sales of 11,522 units in Q2FY23, registering a growth of 326% versus Q2 FY22. With the recent launch of the Tiago EV, the company has opened new vistas and is poised to drive the mass adoption of EVs across the country. Going forward, we expect the festive season will witness strong retail on the back of improving the supply of vehicles.”

Thus, you are reading the latest news regarding Tata Motors CV business. Tell us your thoughts in the comment section below.

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