Tata Motors has impressed yet again with a whooping 84 per cent year on year (YoY) jump in Domestic passenger vehicle (PV) sales for December 2020 to 23,545 units as against 12,785 units in December 2019.
According to experts, with attractive discounts and financial schemes offered to the customers during the festival season last year, Tata Motors kept the momentum going in the last month of the year as well. This has resulted in a 21 percent increase in total vehicle sales in the domestic market to 53,430 units in December. The company sold 44,254 units in the domestic market in the same month last year.
The company on January 1 in its filing to the Bombay Stock Exchange (BSE) said the company's PV business has been witnessing the strong response to its 'New Forever' range, which is being supported by a continuous ramp-up of supplies.
Tata Motors shares on Friday closed at 1.50 per cent up at 186.45 on the BSE.
"The PV industry continued to grow robustly in Q3 FY21, owing to pent up demand, strong festive season and shift towards personal mobility," Tata Motors President, Passenger Vehicles Business Unit, Shailesh Chandra said in a statement.
Further the company is also continuing to debottleneck the supply chain and ramp up its output to meet the increased demand along with addressing the availability of electronic components.
The retail sales were higher by 18 percent than the wholesale sales for the month and pipeline inventory remains thin, Chandra adds.
However, Tata Motors total commercial vehicle sales stood at 32,869 units in December 2020 as against 34,082 units in the year-ago month, down by 4 percent. Sales of CVs in the domestic market were at 29,885 units as compared to 31,469 in December 2019, down 5 percent.
Tata Motors President, Commercial Vehicles Business Unit, Girish Wagh said there was a higher demand for CVs in infrastructure, including road construction, mining and e-commerce in the third quarter.