Tata Motors Ltd. has reported 8% growth in its global wholesale vehicle sales business in the March quarter of FY2023, even as the car business, globally, is hit by rising lending rates and the resulting weakening of people’s purchasing power. Due to which a deficient phase is being observed. Customer.
In an exchange filing, Tata Motors said its vehicle sales for the January-March period reached 3,61,361 units as compared to 3,34,884 units in the same period last fiscal, with its luxury segment under Jaguar Land Rover Also includes sales of brand vehicles.
In an April 1 report, The Financial Times reported that rising borrowing costs from recent turmoil in the banking sector have sidelined some buyers in the US new car market, increasing pressure on manufacturers to discount vehicles .
Consumers have been forced to pay at or above sticker prices after a shortage of cars over the past two years. The Federal Reserve’s efforts to contain inflation have now pushed the average interest rate on a new car or truck loan to 8.95%. %. 5.66% from a year earlier, according to Cox Automotive, which provides services to car dealers,” the report said.
At Tata Motors, global wholesale sales of all commercial vehicles and the Tata Daewoo range declined by 3% to 1,18,321 units during the March quarter against 1,22,147 units in the same quarter of FY22.
However, the company’s global wholesale sales of passenger vehicles (including sales of electric vehicles) grew 10% year-on-year to 1,35,654 units in the March quarter.
To be sure, JLR contributed to nearly a third of Tata Motors’ global sales.
JLR’s global wholesales for the March quarter were recorded at 1,07,386 vehicles. The company said that wholesale sales for Jaguar were 15,499 vehicles, while wholesale sales for Land Rover were 91,887 vehicles.
JLR’s retail sales for the March quarter, which included the Chery Jaguar Land Rover China joint venture, were up 21% from the previous quarter and 30% over the year-ago quarter.
Tata Motors shares closed up 2.6 per cent on Thursday. 437.65 per share on the NSE.
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