Posted by Suraj On 04-Oct-2022 08:17 AM
Tata Motors performed very well in terms of selling its commercial vehicle in September 2022, like other commercial vehicle manufacturers. It sold over 34,890 units which was 8% higher than September 2021. Similarly, other CV manufacturers like Eicher Motors, Mahindra and Ashok Leyland performed incredibly during the festive season.
This article will show the commercial vehicle sales for September 2022. If you want to know which CV brand sold the maximum number of commercial vehicles, read this article.
Tata Motors reported its September sales growth of 40% in the domestic market, which stands at 80,633 units, including PV and CV segments. Shailesh Chandra, MD, Tata Motors Passenger Vehicles Ltd, and Tata Passenger Electric Mobility Ltd stated that the PV category witnessed a high growth rate due to the festive season. Under commercial vehicle sales, Tata Motors grew its domestic sales by 5% to 34,890 units. Last year, the sales figure touched 33,258 units in September 2021. Girish Wagh, Executive Director, Tata Motors Ltd, mentioned that the CV segment saw consistent demand in Q2 FY23. Tata Motors generated 20% growth in domestic sales over Q2 FY22, with aggregate sales of 93,675 units.
The growth witnessed spiking in the MHCV segment with significant recovery in passenger carrier demand. The M&HCV segment witnessed sales of 9,983 units against the 8,609 units of September 2021. Under passenger carriers, it witnessed 111% growth. It sold 2,287 units, whereas, under SCV cargo and pickup segment, it slightly increased by 4% and touched the sales figure of 15,565 units. Last year, Tata Motors had 14,964 units sales under SCV cargo and pickup category. Moreover, this company's total domestic, commercial vehicle sales reached 32,979 units, which is 9% higher than last year's sales figure. However, Tata Motors didn't see a slight decline in its export, where it generated 1,911 units sales against 3,000 units in September 2021.
Mahindra made a record growth of 129% in CV and PV sales in September 2022. The company sold 64,486 units in September, the highest monthly sales ever. It claimed the first position in terms of selling the highest number of SUVs. However, it also did a great job in the commercial vehicle segment.
Veejay Nakra, President, Automotive Division, M&M Ltd, stated that September was exciting with a strong start to the festive season. Under LCV under the 2T category, Mahindra sales increased by 192% compared to September 2021, whereas LCV under 2T-3.5T noticed 126% growth.
Hinduja Group CV sales figure spiked by 84% YoY in September 2022. This year it sold 17,549 units against 9,533 units in September 2021. Moreover, the company also noticed 24.28% sales growth compared to August 2022, when it sold 14,121 units. The total sales figure for medium & heavy commercial vehicles (MHCV) touched 124% to 11,314 units. In addition, the sales figure for LCV, a light commercial vehicle, rose by 39% to 6,235 units in September 2022.
If we talk about the domestic market, the company generated sales of 16,499 units, up by 88% compared to 8,787 units in September 2021. Hinduja Group's flagship subsidiary, Ashok Leyland, also witnessed significant growth in bus and truck sales worldwide. The standalone profit for Q1 FY 23 stood at Rs 68 crore against the loss of Rs 282 crore in Q1 FY22. The first quarter revenue also increased to Rs 7,223 crore against Rs 1,951 crore last year in the same period.
Eicher Motors presented its September 2022 sales report for a commercial vehicle. With its latest sales report, it's clear that the company sold out 6631 units of CV, which was 9.2% higher compared to September 2021, when it generated 6070 units. Moreover, the September sales figure for Volvo Trucks & Buses touched 137.5% growth from 56 units in September 2021 to 133 units in September 2022. If we combine its sales for motorcycles, its consolidated profit increased by 157.81% to 611 crores in Q1 FY 2023 from Rs 237 crore in Q1 FY 2022.
Bajaj Auto Sales in September 2022 declined by 2%, which shows the company didn't get a good start in the festive season. However, the company still managed to generate 3,94,747 sales in September 2022, against 4,02,021 units in September 2021. Bajaj Auto sold 46,392 units against 40,985 units in the commercial vehicle segment in September 2021.
The commercial vehicle segment witnessed a 13% increase from last year. Moreover, the exports saw a decline of 33% to 1,40,083 units from 2,09,676 units last year for the same period. If we talk about its consolidated net profit for Q1 FY23, it stood at Rs 1,163.33 crore from Rs 1,170.17 crore in Q1 FY22.
Major commercial vehicle manufacturers like Tata Motors, Ashok Leyland, Mahindra and Mahindra, and Eicher Motors noticed significant growth in their sales because of the festive season. Somehow, the increase in the construction of road projects and cement transportation also increased the demand for LCV and M&HCV trucks. Pickup trucks and mini trucks also saw an increase in sales during September.
However, the CV export figure is not satisfactory for most companies, including Tata Motors. It is because countries like Sri Lanka and Nepal are witnessing economic challenges. Geopolitics and inflation have also affected the export of commercial vehicles. Fortunately, Indian commercial vehicle manufacturers focus on the festive season and attracting prospective buyers to generate more sales than in other festive seasons.
In summary, September 2022 was a great month for commercial vehicle manufacturers. It is because companies like Tata Motors generated 32,979 units of domestic sales which was 9% higher than last year for the same period. However, the company saw impressive growth in its passenger carrier, which noticed 111% growth. Mahindra and Mahindra also noticed 120% growth in September sales and sold 27,440 units. Moreover, Eicher Motors and Ashok Leyland also did well and witnessed a significant spike in their domestic sales.
However, these companies' exports were stable, and some even saw a little decline. But due to favorable conditions in the domestic market, commercial vehicle manufacturers still witnessed significant growth in their sales and consolidated net profit.
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