Tata Motors Smashed Vehicle Sales Expectations Again, Remaining a Top Performing Indian Stock

Auto sales of March 2023 and FY2023-24 have been announced by car manufacturing companies in India. The domestic sales for Commercial Vehicles stood at 20930. With its new launches including Thar, XUV700 and Scorpio N, Mahindra (M_M.MSE) registered a growth of 4% and announced its overall auto sales for the month of March 2024 reaching almost 68.5 thousand vehicles.

Mahindra, popular for its SUVs and other big cars, declared that its passenger vehicle sales in the domestic market rose 13% to 40,631 units last month against 35,997 units in March last year. In 2023-24, the Mumbai-based auto major recorded 28% increase in passenger vehicle wholesales at 459,877 units as against 3,59,253 units in 2022-23 financial year.

In its turn, Tata Motors Limited (TATAMOTORS.MSE) released its Q4 FY 2023-24 sales report and stated that it sold slightly over 2.65 million vehicles in the domestic and international markets. Most importantly, the Indian automobile major reported that in the passenger vehicles category, it sold 50,297 units of electric vehicles in the domestic market in March. The company had sold 44,225 units in the same period in 2023.