Tata Motors, country's major domestic automaker, has maintained its dominance in the rapidly expanding sports utility vehicle (SUV) market due to the rising demand for its best-selling Punch and Nexon models from the previous fiscal year.
The industry estimates state that Mahindra & Mahindra (M&M) came in second with sales of 354,712 units, while Tata Motors had a 58% increase in SUV sales to 357,249 units. Moreover, Mahindra disclosed a surge of 60% in their sales during the fiscal year being assessed, which comprised the sale of 356,961 utility vehicles, including the MPV Marazzo.
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Tata motors MD Shailesh Chandra said that SUV sales accounted for two-thirds of the company's passenger vehicle category sales in financial year 2023.
Due to its robust product lineup, the firm outpaced the market, increasing volumes in the category by 58%. The company is currently conducting de-bottlenecking steps to increase capacity by over a fifth in order to keep up with client demand for its products.
Chandra claimed that the high gain experienced was catalyzed by the debut of multiple new cars, moderating supply barriers, and the alleviation of the semiconductor shortage, with SUVs and EVs taking the lead in this volume increase.
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During the previous fiscal year, sales of all four SUVs—the Nexon, Punch, Harrier, and Safari—recorded record highs.
Mahindra also lagged behind Tata in terms of volume, even though it has been stepping further ahead in the segment with the new Scorpio, Thar, and XUV700. Nevertheless, the business said that for four straight quarters ending December 31, 2022, it will be the top manufacturer in the SUV class in terms of revenue share. The corporation is still waiting to release its fourth-quarter results.
