Tata Motors Q2 Results: Global wholesales surge
Tata Motors, a prominent player in the automotive industry, has unveiled a remarkable 7 percent year-on-year surge in global wholesales for the second quarter of the financial year 2023-24 (FY24). This impressive growth can be attributed to the stellar performance of Jaguar Land Rover (JLR) sales within the company’s portfolio.
Global Wholesales Reach New Heights
During the second quarter of FY24, Tata Motors reported a significant milestone, with global wholesales reaching a staggering 342,376 units. This achievement reflects the company’s commitment to growth and innovation in the global automotive market.
Comparatively, on a sequential basis, Tata Motors witnessed a robust 6.3 percent rise in group global wholesales, surpassing the previous quarter’s figure of 322,159 units.
Jaguar Land Rover Shines Bright
JLR, a subsidiary of Tata Motors, emerged as a key driver of this remarkable growth. Excluding the Cherry-JLR joint venture sales, JLR’s global wholesales soared to 96,817 units, marking an impressive 29 percent increase.
Breaking down these numbers further, Jaguar wholesales stood at 13,560 units during the quarter, while Land Rover wholesales reached an impressive 83,257 units. Quarter-on-quarter (QoQ), JLR wholesales showed resilience, registering a slight uptick from the previous quarter’s 93,253 units.
Commercial Vehicle and Passenger Vehicle Segments
In the realm of commercial vehicles, Tata Motors demonstrated resilience and growth, with a total of 106,620 units sold during the second quarter. This represents a 3 percent increase compared to the same period last year.
However, the passenger vehicle segment faced some challenges during this period, witnessing a modest decline of 3 percent, resulting in 138,939 units sold. It is noteworthy that the commercial vehicle wholesales had experienced a 15 percent decline in the previous quarter, but the company has shown remarkable recovery as evidenced by a 57 percent QoQ growth in global commercial vehicle wholesales.
Insights into Passenger Vehicle Sales
In the first quarter of FY24, passenger vehicle sales had experienced an 8 percent uptick, with 140,450 units sold. However, the second quarter brought its own set of challenges.
Sales of utility vehicles (UVs) within the domestic market experienced a slight dip, with Nexon and Punch sales declining by nearly 5 percent year-on-year. Additionally, Harrier and Safari sales witnessed a more significant decline of 45 percent in the July to September quarter.
Tata Motors has strategically responded to market dynamics by introducing a refreshed version of the Nexon in the Indian market, leading to adjustments in its sales figures as it phases out the older model. Furthermore, the company is gearing up to launch a facelifted version of the Harrier, showing a commitment to meeting evolving consumer preferences and expectations.
About Tata Motors:
Tata Motors Limited is a multinational automotive corporation headquartered in Mumbai and is affiliated with the Tata Group. The company specializes in the manufacturing of automobiles, including cars, trucks, vans, and buses. Its notable subsidiaries include the British luxury automaker Jaguar Land Rover and the South Korean commercial vehicle manufacturer Tata Daewoo. Additionally, Tata Motors has entered into joint ventures with Hitachi and Stellantis, producing vehicle components for both Fiat Chrysler and Tata-branded vehicles.
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