Tata Motors reports August 2024 sales decline amidst market challenges

Tata Motors Limited has reported a notable drop in its sales figures for August 2024, with a total of 71,693 units sold. This represents a decline from the 78,010 units sold during the same period in 2023. The downturn is reflected across both commercial vehicles (CV) and passenger vehicles (PV) sectors.

In the domestic market, Tata Motors saw a total sales figure of 70,006 units, down from 76,261 units in August 2023, which translates to an 8% year-over-year (YoY) decrease. This decline is particularly pronounced in the commercial vehicle sector, where sales fell to 25,864 units from 30,748 units, marking a 16% reduction. Heavy Commercial Vehicles (HCV) experienced a significant drop of 21%, with sales plummeting to 7,116 units from 9,000 units in the previous year. Intermediate and Light Commercial Vehicles (ILMCV) saw a smaller decline of 5%, with sales decreasing to 4,965 units from 5,207 units. Passenger Carriers, however, reported a 14% increase, reaching 3,410 units compared to 2,986 units last year. Small Commercial Vehicles (SCV) Cargo and Pickup experienced a substantial 23% drop, with sales falling to 10,373 units from 13,555 units.

In the medium and heavy commercial vehicle (MH&ICV) segment, Tata Motors reported 12,008 units sold domestically, down from 13,506 units in August 2023. When including international markets, total MH&ICV sales stood at 12,708 units, compared to 14,016 units in the previous year.

The passenger vehicle segment also faced a decline. Domestic sales of passenger vehicles, including electric vehicles (EVs), totaled 44,142 units, a decrease from 45,513 units in August 2023, reflecting a 3% YoY drop. International sales of passenger vehicles fell to 344 units from 420 units, showing an 18% decrease. Overall, passenger vehicle sales, including EVs, fell to 44,486 units from 45,933 units, a 3% reduction. Sales of electric vehicles, including both domestic and international markets, decreased by 5% to 5,935 units from 6,236 units.

Tata Motors’ performance in August 2024 highlights the challenges facing the automotive industry, with shifting consumer demand and market conditions contributing to the overall decline in sales. The company will need to address these challenges as it seeks to stabilize and enhance its market position in the months ahead.