Punch, Nexon, Harrier, Safari drive Tata Motors' domestic sales to record high in FY23

By India Today Auto DeskDriven by a strong show from its SUV models like the Punch, Nexon, Harrier and Safari, Tata Motors reported its highest-ever domestic passenger vehicle (PV) volumes in a fiscal at 538,640 units in FY23.

The domestic PV wholesale despatches in FY23 were 45.43% year-on-year (y-o-y) higher than 370,372 units clocked in FY22.

The company’s PV exports rose 35.72% y-o-y at 2,447 units in FY23 from 1,803 units in FY22.

The total PV volumes (domestic + export) came in at 541,087 units, a rise of 45.38% y-o-y over 372,175 units sold in FY22.

According to the company, all four of its SUVs — Punch, Nexon, Harrier and Safari — recorded their highest-ever annual sales, contributing a substantial 66% of the total volumes. The company also sells Altroz and Tiago hatchbacks and Tigor compact sedan.

During the fiscal, Tata Motors crossed the EV sales milestone of 50,000 units. The company also recorded its highest-ever quarterly and monthly EV sales at 15,960 units (Q4 FY23) and 6,509 units (March FY23), respectively. The EV portfolio of the company includes the Nexon EV, Tigor EV and Tiago EV.

“FY23 has set a new record for PV sales in India. The steep growth witnessed by the industry was driven by post-Covid pent-up demand in the early part of the year, the launch of several new vehicles and the easing of the semiconductor shortage. While SUVs and EVs led this growth, customers’ rising preference for safe vehicles and smart technology features was equally pronounced,” said Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility.

Chandra said that Tata Motors expects the demand for personal vehicles to remain robust with the trend of electrification further strengthening as more options are made available to customers, plus support from a rapidly growing and improving ecosystem.

“However, the growth rate of the PV industry may moderate due to a strong base effect as well as macro factors, including hardening interest rates, rising inflation and the cost impact from progressive regulatory norms. We continue to stay agile, carefully monitoring the supply situation, particularly semiconductors and any potential waves of Covid,” he added.