- Chairman Mr. N Chandrasekaran has said that the transition to sustainable transportation is unstoppable, and the Tata Motors Group will be among the industry pioneers worldwide
- The Company is leading India’s shift to electric vehicles and enjoys a significant competitive advantage in one of the world’s fastest expanding automotive markets.
- Mahindra Group’s chairperson, Anand Mahindra, has praised Tata Motors and called it a privilege for having them as a strong competition
Recently, Tata Motors reported its Q1 FY23 sales in both the local and overseas markets. 2,31,248 vehicles were sold during the quarter that ended in June 2023, up from 1,14,784 during the first quarter of FY22.
95,703 commercial vehicles were sold domestically in the first quarter of FY23. It was 121 percent more than the 43,400 units sold in Q1 FY22. With quarterly sales of 9,283 in Q1 FY23 and monthly sales of 3,507 units in June’22, electric car sales reached new heights. Since its May 22 release, the Nexon EV Max has seen significant demand.
Global wholesales for the Tata Motors Group, which includes Jaguar Land Rover, were 3,16,443 in Q1 FY23, up 48 percent from Q1 FY22. For Jaguar Land Rover, the total number of wholesales sold was 82,587 cars. Land Rover sold 67,991 automobiles at wholesale during the quarter compared to 14,596 vehicles for Jaguar.
A significant worldwide automaker with a wide range of products for commercial, passenger, and electric cars, the US$ 37 billion Tata Motors Group. It focuses on technologically advanced and engineering-driven automotive solutions to advance mobility. The Company is leading India’s shift to electric vehicles and enjoys a significant competitive advantage in one of the world’s fastest expanding automotive markets.
Rising input cost has been a big challenge for Automotive Industry. The company has declared a price increase for its passenger automobiles. Starting on July 9, 2022, a weighted average price rise of 0.55 percent will apply to the entire range, depending on the variant and model. After absorbing the price increase to certain extant, company is passing the minimal price increase.
Chairman Mr. N Chandrasekaran said the transition to sustainable transportation is unstoppable, and the Tata Motors Group will be among the industry pioneers worldwide. Tata Motors is making concerted efforts to prepare for the future and create growth and returns for shareholder.
Tata Motors’ profitable division Tata Technologies intends to go public. According to media reports, Tata Technologies, an engineering and design firm, has started working on its initial public offering. The Tata Motors subsidiary Tata Tech reported revenue of Rs 3529.6 crore, operating profit of Rs 645.6 crore, and PAT of Rs 437 crore for the fiscal year ended March 31, 2022.
The EV market is expanding in India. Mahindra & Mahindra (M&M) and British International Investment (BII), the UK’s Development Finance Institution, have signed a legally binding agreement to invest up to Rs. 1,925 crores each into the newly formed EV Company, a totally owned subsidiary of M&M. With an investment of up to Rs 1,925 crores and a valuation of up to Rs 70,070 crores, BII will own 2.75 to 4.76 percent of the EV Co. New EV entity will focus on electric passenger cars. From FY 2024 to FY 2027, the newly formed EV company is expected to receive capital of around Rs. 8,000 crores or USD 1 billion approx. for the projected product portfolio. M&M and BII will collaborate to find more like-minded investors for the EV Co. for further meeting the finance requirement.
When Tata Motors raised $1 billion from TPG Rise in October of last year, the value of its electric vehicle business was $9.1 billion.
Mahindra Group’s chairperson, Anand Mahindra, has praised Tata Motors and called it a privilege for having them as a strong competition that keeps the sense of innovation alive and kicking. The tweet appreciates Tata Motors for continuous innovation, which inspires competitors including Mahindra.
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