Tata Motors February 2023 Sales – Total EV Sales Grow by 81 percent YoY, Domestic PV Sales up by 7 percent YoY
In February 2023, Tata Motors reported YoY growth of 7 percent for total domestic passenger vehicle (PV) sales, including electric vehicles (EVs). The manufacturer’s sales filing also indicates that EV sales have increased significantly at 81 percent YoY growth in February 2023. This includes domestic sales and exports of Tata electric cars, with a total of 5,318 units sold, up from 2,934 units YoY.
Sales report highlights that in February 2023, total domestic PV sales stood at 42,862 units, including EVs. This figure is 7 percent higher than the total domestic PV sales of 39,981 units in February 2022. Volume gain stood at 2,881 units. In terms of month-on-month (MoM) sales, Tata recorded decline of 10.68 percent from 47,987 units in January 2023. MoM volume loss is reported at 5,125 units.
Comparison of YoY Sales – Exports and domestic sales
It is interesting to note that in February 2023, Tata electric car sales accounted for 12.3 percent of total Tata PV sales. PV IB sales, which lists exports, witnessed significant growth of 39 percent YoY in February 2023. 278 units sold as compared to 200 units in February 2022. In comparison to Tata Motors’ total passenger car business, exports contribution is minute.
Total PV sales, which includes both EVs and ICE cars, increased by 7 percent YoY to 43,140 units. Up from 40,181 units in February 2022. Volume growth is reported at 2,959 units.
Electric car sales growth in February 2023
Growth in domestic PV sales can be attributed to increasing demand for personal mobility in the country. Tata Motors has been continually selling over 40k units in the domestic market in recent months.
The automobile industry in India is witnessing significant growth, the market is growing increasingly interested in the EV segment. While EV sales benefited from government initiatives in the early days, increasing awareness among consumers, and the launch of new EV models in the market are growth drivers now.
January and February 2023 – Hyundai India outsells Tata Motors
In a closely contested space, in February 2023, Hyundai India outsold Tata Motors. Domestic sales for Hyundai stood at 47k units. Sales trends were similar for MoM and YoY sales. Both gained in YoY sales, and reported decline in MoM sales. For both, February 2022 and February 2023, Hyundai India reported higher numbers.
For January 2023 too, Hyundai reported higher numbers. In MoM sales, Tata Motors reported a steeper volume loss. In the showdown to Q3 2023, Tata Motors total domestic sales for January and February 2023 are reported at 90,849 units. For the last two months, Hyundai India reported total domestic sales at 97,107 units. Two months into 2023, Hyundai India leads by 6,258 units.
