Tata Motors Reports Decline in June Wholesales Amid Industry Challenges
Tata Motors reported a 12% decline in domestic wholesales in June, totaling 65,019 units. Passenger vehicle sales, including EVs, fell by 15%, and commercial vehicle sales dropped 12%. Despite current challenges, Tata Motors anticipates improved volumes due to monsoon forecasts and infrastructure development, while leveraging new vehicle launches.
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Tata Motors announced on Tuesday a 12% decrease in its total domestic wholesales for June, registering 65,019 units compared to 74,147 units in June of the previous year. This drop reflects broader industry challenges impacting sales figures.
Passenger vehicle sales, encompassing electric vehicles, saw a 15% reduction, totaling 37,083 units, down from 43,524 in the same month last year. Similarly, domestic commercial vehicle sales declined by 12%, counting 27,936 units compared to 30,623 units in June 2022, the company reported in a regulatory filing.
Despite these declines, optimism persists within Tata Motors with forecasts of a healthy monsoon, reduced repo rates, and a renewed focus on infrastructure development, which bode well for future commercial vehicle sales improvement. According to Executive Director Girish Wagh and Passenger Vehicles MD Shailesh Chandra, while overall industry growth may remain subdued, Tata Motors aims to leverage its recent vehicle launches, including hatchbacks and SUVs, to outperform its segments, maintaining momentum in the EV space.
(With inputs from agencies.)
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