With Over 43,000 Units Sold, Tata Again Overtakes Hyundai to Become India’s 2nd Biggest Car Maker

Tata Motors achieved unprecedented success in December 2023, marking its highest-ever yearly sales with 76,138 units of combined Passenger Vehicles (PVs) and Commercial Vehicles (CVs). The robust 4% and 3% YoY growth in Q3 FY24 underscored Tata's dominance in the market. Despite export challenges, the company exhibited resilience with an 8% YoY growth in total sales.

Record-Breaking Performance in December 2023

PVs and CVs Combined Sales Surge:

Tata Motors marked a historic achievement in December 2023, recording its highest-ever yearly sales. The combined sales of Passenger Vehicles (PVs) and Commercial Vehicles (CVs) reached an impressive 76,138 units, with Q3 FY24 figures standing at 2,29,610 units, reflecting a robust 4% and 3% YoY growth, respectively.

Domestic Sales

Domestic PV Sales Take the Lead

Tata Outpaces Hyundai in PV Sales:

Tata Motors emerged victorious over Hyundai in the domestic PV segment for December 2023. The company sold 43,470 units, surpassing Hyundai's 42,750 units. Also, when compared to Tata’s December 2022 sales numbers of 40,043 units, the Indian car maker saw a substantial YoY growth of 9%.

YoY Growth

MoM Growth

Moreover, Tata Motors also achieved an 8% YoY growth in total sales (Domestic + Exports) with 43,675 units sold in December 2023. Similarly, with 1,37,875 PV units sold in Q3 FY24 and 1,31,297 PV units in Q3 FY23, the car maker saw a marginal YoY growth of 5%.

EVs Contribute Significantly:

The overall PV sales figure includes a notable contribution from Electric Vehicles (EVs). Tata Motors sold 5,006 EVs, experiencing a remarkable 29% YoY growth. In Q3 FY24, the company sold 15,232 EVs, reflecting a substantial increase from the 12,596 units sold in the same quarter of the previous fiscal year. The EV portfolio of the company includes Tiago EV, Tigor EV and Nexon EV. Moreover, Tata is all set to launch the Punch EV in the India market in the coming few days.

Tata Sales December 2023 - PV and Total

Export Challenges Evident:

Although Tata saw an upsurge in the domestic sales, it faced challenges in the international market. That’s evident from the decline in export numbers. In December 2023, the company shipped 205 units, marking a sharp 44% YoY decline. The Q3 FY24 exports further declined by 39% with 580 units shipped, compared to 958 units in Q3 FY23.

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Verdict

Tata Motors concludes 2023 on a high note, with robust sales figures, particularly in the PV segment and the HCV market, showcasing the company's resilience and potential for continued growth in the future.

Moreover, just like December 2023, Tata Motors had also overtaken Hyundai to become the 2nd largest car maker in India. And, the Indian auto giant has again trailed ahead of the Korean auto major in monthly sales numbers.