Tata Motors Reports 11% YoY Sales Decline in July 2024

Tata Motors, the leading Indian automotive manufacturer, has reported a significant downturn in its overall sales for July 2024. The company's total sales, encompassing both domestic and export markets, fell to 71,996 units, marking an 11% year-over-year decline from 80,633 units in July 2023. This decrease was observed across various segments, including passenger vehicles (PV) and commercial vehicles (CV). The domestic market was particularly affected, with sales dropping to 70,161 units, an 11% decrease compared to the 78,844 units sold in July 2023.

Passenger Vehicle Segment Performance:

In the passenger vehicle category, Tata Motors experienced a 6.10% decline in domestic sales:

• July 2024 domestic PV sales: 44,725 units
• July 2023 domestic PV sales: 47,628 units
• Volume decrease: 2,930 units

However, there was a silver lining in the PV export market:

• July 2024 PV exports: 229 units
• July 2023 PV exports: 61 units
• Year-over-year growth: 275%

The total PV sales (domestic + exports) declined by 6% to 44,954 units from 47,689 units in July 2023.

Electric Vehicle Sales:

Tata Motors' electric passenger vehicle segment also faced challenges:

• July 2024 EV sales: 5,027 units
• July 2023 EV sales: 6,329 units
• Year-over-year decline: 20.57%

Commercial Vehicle Segment Analysis:

The commercial vehicle segment saw declines across most categories:

 

Total CV sales in the domestic market decreased by 19% to 25,436 units from 31,216 units in July 2023. CV exports also declined by 7% to 1,606 units.

MH & ICV Segment:

Domestic sales: 11,174 units (July 2024) vs 13,291 units (July 2023)

Total sales (Domestic & International): 11,886 units (July 2024) vs 13,830 units (July 2023)

Despite the overall decline, Tata Motors saw a slight month-over-month improvement in PV sales, with a 2.76% increase from 43,524 units in June 2024 to 44,725 units in July 2024.

Looking ahead, Tata Motors is preparing to launch the new Curvv EV on August 7th, marking India's first coupe-style compact SUV. The ICE variant of the Curvv will compete with established models like the Hyundai Creta, Kia Seltos, Maruti Suzuki Grand Vitara, and others, while the EV version will primarily challenge the MG ZS EV.

The company's diverse product portfolio, including popular models such as the Nexon, Punch, Harrier, Safari, Tiago, Altroz, and Tigor, along with various EV offerings, continues to play a crucial role in its market presence. However, the July 2024 sales figures indicate challenges across multiple segments, reflecting broader market conditions and competitive pressures in the Indian automotive sector.