Tata Motors recently launched Tata Curvv ICE and Tata Curvv EV, following which Tata is expecting its sales to improve in the upcoming festival season.
Tata Motors’ CFO is reported to have said, “Overall, from a demand perspective, we estimate that as far as global demand is concerned, it is likely to remain sluggish. It has been that way. It is likely to remain sluggish. There is no immediate change in this.” The report quotes PB Balaji, Tata Motors’ global CFO, as saying that overall demand in the global market is likely to remain sluggish in this financial year. He further said that the carmaker does not see any immediate change in this regard.
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However, as far as domestic market conditions are concerned, the company expects demand to gradually improve over the rest of the year. Balaji said that several factors will aid the return of growth in the Indian market, including the government’s plan to invest in infrastructure, a healthy monsoon, a favourable overall macro economy, new product launches and the upcoming festive period. “So, there has to be an absolute reason to be optimistic as far as domestic demand growth is concerned; how gradual it will be; we will have to wait and see,” he was quoted as saying. India sees a decline in PV sales Retail sales of passenger vehicles in India saw a decline for two consecutive months this financial year – May and June. Speaking about this, Shailesh Chandra, MD, passenger vehicle division, Tata Motors, cited high channel inventory as a notable challenge. He said that the company has its highest-ever channel inventory, which rose further in the first quarter. This increased the pressure on wholesalers. He further said that demand for the EV fleet segment has weakened due to the expiry of the FAME 2 scheme in March 2024.
In such a situation, outlining the auto company’s strategy, Chandra said, “As far as we are concerned, in terms of action, we are focusing on retail acceleration supported by effective marketing campaigns, micro-market focus and targeted product interventions that are going to come in the coming months.”
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Chandra further said that new vehicles are being launched to boost customer excitement. He hopes that these new launches will improve the footfall at the showroom. “New launches are being done to excite customers and of course this will also help the company in improving the footfall at the showrooms,” he said. Tata Motors launched the Curve EV in India just a few days ago, which was the country’s first mass-market electric coupe SUV. It is now gearing up to introduce the ICE version of Tata Curve, which is scheduled to be launched on September 2.
Chandra said that Tata Motors’ current dealer inventory will be 35-40 days, which the auto company aims to bring down to normal. “In terms of normalised inventory, normally we target around 30 days, so it is higher,” he said. The Tata Motors CEO also stated that despite the drop in retail sales, enquiries remained strong in May and June. This largely indicates that retail sales will pick up in the coming months. “It was the customers who took a little longer to transition to retail and we saw a sort of recovery in July,” Chandra reportedly said. And we expect demand to pick up in the upcoming festive season.”
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