Tata Motors reports growth for January 2021 wholesales to kickstart CY21 on a strong note
Tata Motors has reported wholesales for January 2021 at 26,980 units. Excitement generated around the upcoming Tata Safari doesn’t reflect yet as bookings for the same is set to commence this week. The move to introduce the bigger seater Harrier saw Tata resurrect the Safari brand name.
YoY growth for wholesales is reported at 94.20 percent, up from 13,893 units in January 2020. Volume gain stood at 13,087 units. MoM growth is reported at 14.58 percent up from 23,546 units at volume gain of 3,434 units.
Tata Safari and Tiago Limited Edition
Following the unveiling of Tata Safari, its bigger Harrier, the company went ahead with the launch of Tiago limited Edition. This marks the first anniversary of the refreshed Tiago launch. In all, sales for the hatch has reached the 3.25L milestone.
While this was all factual, a cryptic tweet that did the rounds a few days earlier did send media on overdrive. The now redacted tweet in not as many words did allude to love between Tesla and Tata. Following the frenzy, Tata Motors Electric Mobility division refuted the claim, which in the first place was an idea introduced by the brand.
Tata Motors price hike
About 10 days earlier, Tata Motors hiked prices of its passenger vehicle range. This is attributed to increase in input costs and material costs of steel, precious metals and semi- conductors. The cost burden has had to be passed on a part to customers. Price hike across models and variants ranges from 0 to 26,000 bucks. Customers who booked cars on or before 21st January are exempt from the newly effected hike.
At the time, Tata Motors reported it had witnessed 39 percent growth in FY21 over FY20. In Q3FY21, the manufacturer reported its highest ever sales in last 33 quarters. Process are in place to overcome supply chain bottlenecks, and to ramp up output to meet increased demand.
The company reported 67 percent year-on-year (YoY) growth in consolidated profit at Rs 2,906.45 crore for the quarter ended December 2020. Consolidated revenue from ops grew by 5.5 percent YoY to Rs 75,653.8 crore in Q3 FY21. Tata Motors’ standalone margin stood at 5.8 percent.
“Despite pandemic related uncertainties, supply bottlenecks and commodity inflation, we expect to consolidate our gains and end the fiscal year on a strong note. We remain committed to consistent, competitive, cash accretive growth and deleverage the business through the focused execution of our strategy in all our businesses,” Tata Motors said in its BSE filing.
