Tata Motors Ltd. is gearing up for an extensive product expansion in the upcoming fiscal. Girish Wagh, Executive Director, shared plans during a post-earnings analyst call to introduce more than 140 new products and over 700 variants.
The strategic focus on CVs underscores Tata Motors’ core business strategy. With headquarters in Mumbai, the company aims to leverage the anticipated growth in the Indian CV market, driven by increased infrastructure investments and a resurgence in sectors like construction, mining, and logistics.
Despite challenges, such as a 7 per cent year-on-year decline in Q4 and a 4 per cent decrease for the entire fiscal, Tata Motors saw a 14 per cent quarter-on-quarter increase in domestic CV wholesale volumes during Q4 FY24. Encouragingly, there were signs of recovery in segments like small commercial vehicles and pick-up trucks, leading to sequential improvements in CV market share.
In addition to vehicle sales, Tata Motors witnessed a notable 13 per cent year-on-year growth in non-vehicle revenue for Q4 FY24 and a 17 per cent increase for the full financial year. The company’s management remains steadfast in their efforts to enhance price realisation and expand retail market share across their product portfolio. They are also actively pursuing growth opportunities in downstream verticals by enhancing service and spare parts penetration.
