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Tata Motors expects PV segment growth to moderate to 5 to 7% this fiscal year


Tata Motors expects passenger vehicle industry growth to be moderate 5-7% in the current financial year compared to 27% sales growth in the last fiscal with pent-up demand. dropped, according to a top company executive.

Via:
PTI

|
Update on:
Jun 04, 2023, 6:13 PM ONLY

SUV Tata Punch

To maintain growth, the major automaker is looking to introduce new products including CNG and electric models, and strengthen its existing range with new interventions.

In an analyst call, Tata Motors, Passenger and Electric Vehicles CEO Shailesh Chandra noted that pent-up demand in the passenger vehicle segment has now clearly declined, leaving a number of multi-sport vehicles popular use is not marketed.

Also read: Tata Corporation signs $1.6 billion EV battery factory agreement

He noted that due to pent-up demand and low inventory levels in the last fiscal year, the industry reported strong 27% year-on-year growth compared to fiscal 2022. 2023-24)… growth will be moderate in the range of 5 to 7%. But I’m sure after this financial year growth will be back to double digits,” said Chandra.

He said there could be an impact on demand this fiscal due to increased vehicle prices due to the RDE (actual driving emissions) transition. “From the Tata Motors side, the way we are preparing is to focus on demand generation through focus on the micro-market and actions to improve conversion rates,” he noted.

Chandra said the company is also growing its portfolio of CNG and EV models with both segments expected to grow well this year. “We should be the beneficiaries of that. And of course, we are driving improved profitability through an institutionalized cost reduction initiative,” he added.

For fiscal year 2023, Tata Motors reported its best year ever in terms of vehicle deliveries to dealers of 5.4 lakh units. The company’s wholesale sales are up about 45% year-on-year in fiscal 2022 compared to fiscal 2022. Outlining the company’s product-related plans, Chandra said it will continue to be excited about the initiatives. new cards to existing brands and introduce new products.

“We’re bringing a CNG variant (of Punch) with twin cylinder technology and it’s going to be unique on the market…We’re also planning to bring electric vehicles, so we’re going to have to do that. I am very confident that these two products will be able to maintain the volume,” he noted.

In addition, the company will add new nameplates, Chandra said. He added: “We have introduced that in Auto expo, Curvv, Sierra, these are the new nameplates coming soon. Chandra adds: “The number of EVs will grow dramatically. We’re expanding our portfolio in the CNG segment, so I think we have some leverage that will increase volume as well as market share. ours.”

Earlier this month, Tata Motors launched the CNG version of the Altroz ​​premium hatchback with a starting price of Rs. $7.55 lakh (old galleries all over India).

Date of first publication: June 4, 2023, 18:11 PM IST

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