In a significant milestone, Tata Motors has registered annual PV sales of more than 5 lakh units for the first time
Perceptually, SUVs provide a better sense of having arrived. They have a strong street presence, are considered safer and have capabilities to handle rough terrain. It explains why SUV segment is currently one of the fastest growing in Indian automotive space.
While the likes of Hyundai and Mahindra have been dominating the SUV space since several years, things are evolving fast with new products being launched. A good example is Tata Motors that has been able to develop a strong portfolio of SUVs such as Punch, Nexon, Safari and Harrier. Nexon EV is also a major contributor, with a market share of more than 80% in EV segment.
Tata Motors half million PV sales
With strong demand for its SUVs, Tata Motors has reached the 5 lakh annual sales milestone for the first time. In CY2022, Tata has sold more than 3.25 lakh SUVs in the first eleven months. In comparison, Hyundai SUV sales during the same period is around 3 lakh units.
Tata Motors overall PV sales till mid-December has already crossed half million units. By end of December, Tata PV sales are expected to be around 5.3 lakh units. That’s a massive 61% jump in YoY growth. Tata PV sales in CY2021 were at 3,31,178 units.
With its strong performance in CY2022, Tata Motors market share in PV segment will be around 14%. This is a significant improvement, as market share has doubled over the past two years. In numbers game, primary contributors are Nexon and Punch. These have consistently featured in the top 10 list of bestselling cars in India in 2022.
Challenge for Hyundai
In PV segment, Tata and Hyundai are currently engaged in a fierce battle to claim the second bestseller tag. As of now, Hyundai is ahead in overall PV sales by around 30k to 40k units. Tata can narrow the gap in near future with focus on CNG and electric powertrains. For example, Altroz is expected to get a CNG option soon. In EV segment, Tata recently launched electric version of Tiago. Response to Tiago EV has been pretty good, with bookings of 10k recorded in just 24 hours of launch.
However, snatching the second spot from Hyundai won’t be easy, as the Korean carmaker is also working to ramp up its portfolio. One of the key volume drivers could be the upcoming micro-SUV that will rival Tata Punch. Hyundai micro-SUV will also compete with Maruti Ignis and Mahindra KUV100. It will be positioned below Venue. Launch is expected in 2023. Considering Hyundai’s continued focus on creating customer delight, the new micro-SUV could get a range of first-in-segment and best-in-class features.
Other products that could boost sales for Hyundai in near future include upcoming 2023 Verna, i20 facelift 2023 version and Creta CNG version. It will be interesting to see how the Tata-Hyundai battle for second spot pans out through 2023.
