© Reuters.
Tata Motors (NYSE:) reported a mixed sales performance in October 2023, with a year-on-year (YoY) growth of 7% and a month-on-month (MoM) increase of 8%, selling a total of 48,343 vehicles. The company’s SUV models, Nexon and Punch, played significant roles in this achievement, accounting for approximately two-thirds of the total sales.
The Nexon model led the SUV segment, selling 16,887 units, marking a YoY increase of 23% and a MoM growth of 10%. The Punch model also made a notable contribution with a YoY increase of 39%, selling 15,317 units, and showing a MoM improvement of 17%.
However, not all models experienced positive growth. The Tiago model faced a YoY decline of 25% and a MoM decline of 21%, selling only 5,356 units. The Altroz model, despite achieving a YoY growth of 25% with 5,984 units sold, suffered a MoM decline. Tata Motors’ only sedan, Tigor, witnessed a substantial YoY decline of 61%, selling just 1,563 units but experienced a slight MoM increase of 2%.
Tata’s flagship SUVs, the Harrier and Safari models also reported YoY sales declines of 31% and 23% respectively. However, these models saw significant MoM increases; Harrier’s sales rose by 105%, reaching 1,896 units sold and Safari’s sales surged dramatically by 160%, totaling to 1,340 units.
In September and October 2023, Tata Motors introduced new Nexon and Nexon.ev models and updated Harrier and Safari models inspired by the Curvv concept. Both Harrier and Safari earned a Global NCAP 5 Star Rating, becoming the safest Made-In-India cars. The company is also testing Tata Punch EV and Curvv SUV for a 2024 launch. Despite these advancements, the company experienced a market share decline to 12.4% in October 2023.
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