Tata Motors posts highest car sales in four years at 28%
Leading automaker Tata Motors today said its group sales grew 21 percent in October while car sales posted the highest sales in four years with a growth of 28 percent on strong festive demand.
Mumbai: Leading automaker Tata Motors today said its group sales grew 21 percent in October while car sales posted the highest sales in four years with a growth of 28 percent on strong festive demand.
Total sales (passenger and commercial vehicles), including exports, rose to 52,813 units in October, posting a growth of 21 percent, over 43,486 vehicles sold in the same month last year.
The hatchback Tiago, which was launched in April, continues to be the volume driver, with retail showing a firm pick-up, the company said, adding that commercial vehicle sales recorded 15 percent growth to 30,169 units, the highest this year.
Passenger vehicle business president Mayank Pareek attributed the strong numbers to festive demand, which helped the company record the highest sales in the past four years with a growth of 28 percent in October.
"While we have been growing month-on-month, the festive season has further ushered in strong growth impetus for us. The Tiago continued to receive strong response and the Zest retails were highest since launch. All our other models also saw better traction," Pareek said.
Commercial vehicles (MCHV) sales grew 9 percent after four months of negative growth while LCVs continued the upward trend with a growth of 21 percent following bullish festive demand.
Exports jumped 39 percent led by solid demand for commercial vehicles.
While total domestic sales jumped 19 percent to 46,480 units, the same for the first seven months rose 9 percent to 3,11,629 units.
The company continued to witness year-on-year growth in certain key segments, with its car sales growing the best in four years by 28 percent, while CV sales recorded the highest this year, growing 15 percent, and LCVs grew at 21 percent on strong demand in the festive season.
Domestic passenger vehicles sales saw the highest numbers in four years at 16,311 units, compared with 12,747 units last October. The uptick was driven primarily by the continuing momentum for the Tiago.
Its exports rose to 6,333 units, up 39 percent from 4,569 in October 2015. So far this fiscal, cumulative exports stood at 37,802 units, up 15 percent from 32,770.