For all domestic passenger vehicle (PV) sales, including those of electric vehicles (EVs), Tata Motors reported YoY growth of 7% in February 2023.
Additionally, according to the manufacturer’s sales filing, EV sales grew by 81 percent YoY in February 2023, a significant increase. There has been a total of 5,318 units sold, up from 2,934 units year over year, in domestic and export sales of Tata electric vehicles.
According to the sales report, including EVs, total domestic PV sales in February 2023 were 42,862 units. This amount is 7% more than the 39,981 domestic PV units that were sold in total in February 2022. Gain in volume was 2,881 units. Tata reported a decline in monthly sales (MoM) of 10.68 percent from 47,987 units in January 2023. 5,125 units were reported as MoM volume loss.
Comparison of YoY Sales – Exports and domestic sales
It’s interesting to note that 12.3% of all Tata PV sales in February 2023 were electric vehicle sales. In February 2023, PV IB sales, which tracks exports, experienced significant growth of 39% YoY. 278 units were sold, up from 200 in February 2022. Exports contribute very little to Tata Motors’ overall passenger car business. To reach 43,140 units, total PV sales—which include both EVs and ICE vehicles—rose by 7% year over year. more than the 40,181 units from February 2022. At 2,959 units, volume growth is reported.
Tata Motors Sales Feb 2023:
The rise in personal mobility demand in the nation can be attributed to the increase in domestic PV sales. Tata Motors has consistently sold over 40k vehicles on the domestic market in recent months. India’s auto market is expanding significantly, and the EV market is attracting more consumer interest. While early government programs aided in the growth of EV sales, current growth factors include rising consumer awareness and the introduction of new EV models.
Tata Motors is outsold in India. In February 2023, Hyundai India outsold Tata Motors in a competitive market. Hyundai sold 47,000 units domestically. Both the MoM and YoY sales trends were similar. Both reported YoY sales growth and MoM sales declines. Hyundai India reported higher figures for February 2022 and 2023. Hyundai also reported higher numbers for January 2023.
Tata Motors reported a greater volume loss in MoM sales. In the race to Q3 2023, Tata Motors reported total domestic sales of 90,849 units in January and February 2023. Hyundai India reported 97,107 domestic sales for the past two months. Hyundai India is in the lead after two months in 2023 by 6,258 units.
