TATA MOTORS - Monthly volume performance - JUL-23

TATA MOTORS — Monthly volume performance - JUL-23 – Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd

Overall, largely in line numbers with EVs continuing to aid PV growth. Heavy trucks and buses continue to see good growth, while LCVs decline.

PV Total (includes EV) was flattish YoY by 0.1% to 47,689 units, and MoM by 0.7%

EV Total grew YoY by 52.5% to 6,329 units, contracted MoM by -9.9%

EV penetration (%) expanded YoY by 456bps to 13.3%, contracted MoM by -156bps

PV ICE Total contracted YoY by -4.9% to 41,360 units, grew MoM by 2.5%

M&HCV grew YoY by 13.8% to 8,502 units, contracted MoM by -11.7%

Total CV Domestic was flattish YoY by -0.8% to 31,216 units, contracted MoM by -5.8%

Total Domestic sales was flattish YoY by -0.2% to 78,844 units, and MoM by -1.9%

Total Exports sales contracted YoY by -36.4% to 1,789 units, grew MoM by 38.7%