Auto sector likely to grow by 6-7% this fiscal: Tata Motors
Ahmedabad: Tata Motors on Wednesday said it expects automotive industry to grow at 6-7 percent rate this fiscal, against 9-10 percent in the last fiscal.
"Our estimate is that the market will grow at 6-7 percent compared to last year," Tata Motors Vice President for Passenger Car Business Neeraj Garg said while unveiling the all terrain Tata Safari Storme SUV here.
The high-end model of new SUV comes at price of Rs 13.91 lakh, while the entry model is priced at Rs 9.95 lakh in Gujarat.
"The utility and sport utility vehicles market has grown by 31 percent in the past seven months compared to same period last year, which is the fastest growing segment," he said, adding Tata Motors has sold close to 30,000 UVs this year so far.
Last fiscal, the company had sold 55,000 UVs and in the past 14 years, the company had sold over 6 lakh UVs, of which 1.25 lakh units are the Safari, he said.
Tata Motors had launched the first SUV in 1998.
Since the launch of the Safari Storme last month it has received close to 1,500 bookings.
In regards to Gujarat, the company said the total market size of UVs and SUVs in the state stood 19,000 units last year.
"We sold 1,800 UVs in Gujarat last year," Tata Motors Regional Manager Deependra Sharma said.
According to company estimates, the UV and SUV market in Gujarat is expected to be of around 2,000 units per month this year.