“Global demand is likely to remain muted and we expect gradual improvement in domestic demand during the rest of the year on account of continued investments in infrastructure, healthy monsoons, favourable macros and festive demand. Commodities are likely to remain range bound,” said Tata Motors in the statement.
Further commenting on future outlook, the company said that it is expecting the sales to pick up during the festive season. “Although demand has remained less than anticipated, we expect it to pick-up during festive period. New product launches will augur well for the business. Our focus is to increase addressable market by introducing new nameplates, strengthen multipowertrain strategy to leverage industry powertrain shifts and proactively grow the EV market in India while maintaining market leadership. We will work towards enhancing profitability through scale benefits, improving mix and optimization of cost & capex,” said the auto company in its statement.
Recently, in its monthly update, the auto manufacturer said that it reported 11 per cent year-on-year dip in total sales at 71,996 units in July. The company had sold 80,633 units in July 2023. The total domestic sales dipped 11 per cent and stood at 70,161 units last month as against 78,844 units in the year-ago period, Tata Motors said in a statement.
Sales of passenger vehicles, including electric vehicles, in the domestic market, were down 6 per cent at 44,954 units as compared to 47,689 units in the year-ago period, it added.
(more to come)