Tata Motors' passenger EV sales dropped 34 pc, overall PV sales dip 8 pc in June
Jul 01, 2024
New Delhi [India], July 1 : Sales of Tata Motors' passenger vehicles, including the electric vehicles, have slumped in the month of June and the corresponding quarter, data released by the automaker showed on Monday.
The automaker sold 43,624 units in June, including the EVs, with an 8 per cent year-on-year decline. Coming to EV sales in particular, it declined by a whopping 34 per cent year-on-year 4,657 units in June.
In the April-June quarter, total passenger vehicle sales declined by 1 per cent to 1,38,682 units, The EV sales declined 14 per cent during the quarter to 16,579 units.
The automaker attributed weak sales to general elections and heat waves across the country.
"In Q1 FY25, after a boost in demand in the first half of April, due to festivities in some parts of country, the Passenger Vehicle industry saw a decline in retails (registrations) in the months of May and June, influenced by the general elections and heat waves across the country," said Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.
The Electric Vehicle industry was affected by the broader industry trend and the impact of significant preponement fleet sales in Q4-2023-24, due to expiry of FAME II subsidy in March 2024.
Consequently, while the personal segment retails have grown slightly, there was a sharp decline witnessed in the fleet segment, which is expected to recover in the coming quarters.
"Going forward, we foresee recovery of demand, as enquiries have remained strong despite low retails in the past two months. This strong enquiry pipeline, in addition to onset of festive season from August, augurs well for the industry," said Chandra.
Chandra added Tata Motors is fully geared up to leverage this growth opportunity on the back of strong demand for its SUV portfolio, especially Punch and Nexon, as well as new launches in the coming months.
Tata Motors Limited sales in the domestic and international market for Q1 2024-25 stood at 229,891 units, compared to 226,245 units during same quarter of last year.
The automaker said that going forward, the forecast of a healthy monsoon, expectations of policy continuity and continuing thrust on infra-related developmental projects by the government are expected to improve the demand for commercial vehicles.
