Tata Motors sold 59,441 units in the domestic market in January 2018, the company said in a release.
Company’s domestic sales of passenger vehicles witnessed a drop of 11 per cent, at 17,826 units in January 2019, as compared with 20,055 units sold same month last year. The cumulative sales of PVs in the domestic market for the fiscal (April 2018-January 2019) were at 174,223 units, up 17 per cent, compared to 149,284 units, in the same period, last fiscal.
Subdued market sentiments, high interest rates, lag effect of implementation of revised axle load norms, slowing industrial output and declining IIP growth index dropped the domestic sales of commercial vehicle (CV) by 6 per cent in January 2019 at 37,089 units, Tata Motors said. Company sold 39,386 units of CVs in the domestic market in the January 2018.
Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors Ltd. said, “January 2019 has been a rather sluggish period for the entire auto industry and has resulted in muted consumer sentiment. Having said that, we are positive to bounce back in the months to come on the back of our new generation products. This month has witnessed our UV segment grow by 3 per cent. With the ramp up in the Harrier production we are expecting to continue this momentum. We will continue to strive towards driving volumes and increasing our market share as part of our on-going turnaround journey.
Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors Ltd. said, “CV Domestic sales has dipped by 6 per cent this month as compared to January 2018. The muted growth of the CV Industry is due to the low customer sentiments with the base effect also playing a role in the in H2 FY’19 .Factors like higher interest rates and lagged effect of axle load norms continues to affect our MHCV segment with a drop of 9 per cent in January 2019. The higher base in January 2018 reflects a drop of 7 per cent in the SCV Cargo and Pickup segment, while our ILCV segment recorded a growth of 10 per cent led by the e-commerce sector and increased rural consumption.”
The cumulative sales for the domestic market (April 2018 -January 2019), however, grew by 21 per cent with 552,887 units as compared to 458,205 units over the same period last year.
On the exports front, the total sales (from CV and PV) stood at 3,270 units in January 2019, lower by 37% over last year, due to current liquidity crisis in Nepal, formation of new government in Bangladesh and political uncertainty in Sri Lanka.