Tata Motors accelerates into FY24 with record sales and focus on sustainable mobility
In an era marked by rapid shifts towards sustainability and innovation, Tata Motors Limited has emerged as a pivotal force, driving the automotive industry forward with impressive sales figures in the fiscal year 2024 (FY24). With a total sale of 2,65,090 units in Q4 FY24, Tata Motors has not only surpassed its previous year’s performance but has also set new benchmarks in both the passenger and commercial vehicle sectors.
The Mumbai-headquartered automotive giant reported a 2% increase in total domestic sales, achieving 9,49,015 units for FY24, up from 9,31,957 units in FY23. The Passenger Vehicles (PV) sector saw a significant uptick with a 15% year-on-year growth, totaling 1,55,651 units in Q4 FY24. This rise is reflective of the burgeoning demand for sustainable and innovative mobility solutions, including electric vehicles (EVs), which have seen a remarkable 48% increase in sales compared to the previous fiscal year.
The Commercial Vehicles (CV) sector, however, faced a slight downturn, registering a 6% decline in sales with 1,09,439 units. Despite this, Tata Motors’ commitment to excellence and innovation remains undeterred, with substantial contributions from the Heavy Commercial Vehicles (HCV) and Intermediate & Light Commercial Vehicles (ILMCV) segments. Notably, the Passenger Carriers segment experienced a robust recovery, demonstrating a 38% increase in sales, indicative of post-pandemic market dynamics.
Girish Wagh, Executive Director of Tata Motors Ltd., reflected on the fiscal year’s performance, noting the challenges and opportunities that shaped the industry’s trajectory. Wagh emphasized the company’s adaptability in leveraging smarter technologies to enhance vehicle performance, receiving positive customer feedback and driving sales to approximately 3,96,000 units in FY24.
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., highlighted the significant growth in the SUV segment and the rising popularity of emission-friendly powertrains. With the EV and CNG segments poised for substantial growth, Tata Motors’ multi-powertrain strategy and innovation in CNG technology have fortified its position as a leader in sustainable mobility.
As the automotive industry continues to evolve, Tata Motors’ strategic focus on sustainable and innovative solutions heralds a new era of mobility. With an optimistic outlook for the coming fiscal year, the company remains committed to advancing green technologies and meeting the growing demand for eco-friendly transportation options.
Tata Motors Limited’s performance in FY24 underscores a pivotal shift in the automotive sector towards sustainability and innovation. With record sales in passenger vehicles, including a significant surge in electric vehicle demand, Tata Motors is steering the industry towards a greener future. As the company navigates the challenges and opportunities of the evolving market landscape, its commitment to sustainable mobility and technological advancement continues to drive growth and inspire change within the automotive sector.