Tata Motors has bucked the Indian passenger vehicle market trend in Covid-19-battered FY21 as the company ended the fiscal with whopping growth of 69% year-on-year and record volumes.
While a few leading manufacturers have reported decline in their annual sales for FY21, Tata Motors has reported strong positive growth for the period.
The company’s total domestic PV sales stood at 222,025 units in FY21 when compared with 131,196 units in FY20, recording its highest-ever annual sales in the last 8 years.
Its PV volumes in March 2021 stood at 29,654 units as compared to 5676 units in lockdown hit March 2020.
“The PV industry witnessed a strong growth in Q4FY21 on a low base with robust demand for personal mobility and new launches driving demand. Tata Motors PV Business posted its highest ever sales in 9-years, in March 21 and Q4 FY21,” said Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors Ltd.
In FY21 the business registered its highest ever annual sales in 8 years, while posting a growth of 69% over FY20.
The company’s “New Forever” product range, including the new Tata Safari, continues to witness strong acceptance in the market. In the EV segment, the company sold 4,219 units in FY21, a threefold increase over FY20. The company also registered its highest ever monthly and quarterly sales of 705 EVs and 1,711 EVs in March 21 and Q4 FY21. Nexon EV, the highest sold EV in the country, crossed the milestone of 4,000 units, since its launch in January 2020, added Chandra.