Tata Motors (NYSE:TTM) Limited experienced a significant uptick in vehicle sales during October 2023, with a total of 82,954 units sold across domestic and international markets. This figure represents a 6% YoY increase from the previous year's sales of 78,335 units. Out of the total units sold, the domestic market accounted for 80,825 units, marking a similar 6% growth.
The company's passenger vehicles segment was a key driver behind this growth, registering a 7% increase with 48,637 units sold. Notably, the electric vehicle (EV) sector saw a substantial surge of 28%, primarily due to the launch of new models such as the Tiago EV and Nexon EV. These models contributed to domestic and export sales of 5,465 EV units.
The commercial vehicle segment also demonstrated progress with a moderate 4% growth, amounting to 34,317 units sold. This was fueled by increases in HCV trucks and ILMCV trucks, which grew by 10% and 14% respectively. Passenger carriers witnessed an impressive surge of 43%. However, SCV cargo and pickup sales experienced an 8% decline.
In the Medium & Heavy Commercial Vehicles (MH&ICV) category, domestic sales stood at 15,211 units, up from the previous year's figure of 13,251 units. Including international business, MH&ICV total sales rose to 16,048 units from the previous year's figure of 13,940 units.
Strategic updates to models like Nexon facelift, Harrier and Safari have been highlighted as pivotal factors contributing to Tata Motors' overall success during this period. The company's performance underscores its commitment to innovation and customer satisfaction within the Indian automotive market.
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