Passenger vehicle sales numbers may fall short of Tata Motors' expectations for growth in EV sales
Customers will give less preference to vehicles in the passenger vehicle segment in the fiscal year beginning in April 2024. Additionally, it has been suggested that during this time, sales of electric cars might rise even further. According to Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles, the EV infrastructure is anticipated to fortify during this time as well.
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Sales of passenger cars are predicted to stay low in the upcoming fiscal year. Sales for the upcoming fiscal year are probably going to decline by 5%, according to Tata Motors. Customers will give vehicles in this segment less preference in the fiscal year beginning in April 2024.
It has also been said that the sales of electric vehicles may continue to increase during this period. Let us know about this news.
Tata Motors Passenger Vehicle Managing Director Shailesh Chandra said that there will be a decline in passenger vehicle sales in the next financial year. This segment will be slow. He said that there may be a decline in this segment. However, the sales of vehicles in the rapidly growing electric segment are expected to increase. He has expressed the possibility of strengthening the EV infrastructure.
Chandra said the passenger vehicle segment in the industry witnessed 25 per cent growth in FY2013, which is expected to moderate to around 8 per cent this financial year. He said that currently high base effect is being seen in the industry and there may be a challenging situation for this segment in the next financial year.
Shailesh Chandra has also hinted about increasing the prices of vehicles in the passenger vehicle segment. He said that the cost of crude oil is increasing which may impact the prices of passenger vehicles.
At present, customers are showing a good inclination towards EV vehicles. In such a situation, the sales of vehicles in the segment are expected to increase in the next financial year.
