Tata Motors Sales Report: A Robust Growth in January 2023 for ICE PVs and electric vehicles
In January 2023, Tata Motors reported robust sales growth at YoY growth of 17.68 percent in total PV (including EVs), and 39 percent in EVs (IB + Domestic). This growth is attributed to the increased demand for electric vehicles, ICE PVs, and the company’s efforts to expand its domestic business operations.
January 2023 sales report highlights Tata Motors’ strong performance. And its significance in the automotive industry by expanding total industry size. Jan 2023 domestic sales were up at 47,987 units at YoY volume growth of 7,210 units, up from 40,777 units. MoM sales was up 19.84 percent, up from 40,043 units sold in December 2022. Volume growth was just shy of 8k units.
International Business/Exports of Tata PV Sales in Jan 2023
Tata Motors reported strong growth in its Passenger Vehicle (PV) International Business (IB) in January 2023 at 83 percent YoY growth over January 2022. Total PV IB sales in January 2023 were 302 units, compared to 165 units in January 2022. This significant growth in the international market is a positive sign for Tata Motors as they aim to expand their global footprint.
However, it is worth noting that the PV IB sales volume is still small compared to the total domestic market sales. At 47,987 units in January 2023, domestic sales represented 99.4 percent of the total PV sales. Total January sales are reported at 48,289 units, up from 40,942 units YoY. This highlights the need for Tata Motors to increase their focus and efforts in expanding exports to gain IB market share.
In India, the manufacturer ensured that a number of its cars meet the quality and safety standards of international crash test safety norms. This is matched with competitive prices to stay ahead in the competition. Focusing on expanding exports and gaining market share in the international market can further strengthen its position as a leading automotive manufacturer.
Growth in international business will include various strategies – increasing brand awareness, and improving distribution channels. And launching products that cater to specific needs and preferences of international customers.
Tata Motors electric car sales
For January 2023, Tata Motors reported EV (IB + Domestic) sales of 4,133. This represents YoY growth of 39 percent compared to 2,982 in January 2022. Total PV (includes EV) sales in January 2023 were 48,289. EV sales constituted 8.5 percent of total (Domestic and IB). Tata Motors has a growing focus on electric vehicles. And this has resulted in significant growth in EV sales over the past year.
The manufacturer has been actively pursuing the development of electric vehicles. This includes investing in expanding its portfolio of electric vehicles to meet the increasing demand for clean energy solutions. Expansion is in tandem with growth in robust charging infrastructure to support EV adoption in India. Growing demand for electric vehicles has a significant impact on the company, and the industry. As an early mover, it provides Tata Motors with an opportunity to capitalize on the growing trend. Alongside, it increases Tata’s market share in the EV segment. Consequently, Tata has been riding the EV wave.