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Within the M&HCV segment, the 26.4 tonnes-plus tractors and trailers category had a 53% increase in volumes over the previous year in Q1FY24.
In a significant development, Tata Motors' shares in the Medium and Heavy Commercial Vehicle (M&HCV) market have plunged to a 10-year low in the first quarter. The renowned automotive manufacturer has experienced a challenging period, facing various factors that have impacted its market performance.
During Q1 of this year, Tata Motors' M&HCV segment faced a sharp decline, leading to a substantial drop in share prices.
In the overall M&HCV segment, the company's market share fell to 44%, a 560 basis point decrease from the previous year. While M&HCV gross sales increased by 2.9% during the quarter, this was mostly due to a 42% increase in bus volumes, which totaled 10,939 models, according to SIAM data.
Within the M&HCV segment, the 26.4 tonnes-plus tractors and trailers category had a 53% increase in volumes over the previous year in Q1FY24, followed by a 51.4% increase for 16.2-25 tonne vehicles. Gross sales in all low-tonnage sub-segments fell throughout Q1FY24.
Also Read: Tata Motors Collaborates with Jawahar Navodaya Vidyalaya to Empower Students with Automotive Skills
According to Elara Capital, the need for higher tonnage CVs is causing a significant increase in automotive tonnage or capability purchased when compared to actual truck product sales. This trend has had a negative impact on Tata Motors, a prominent participant in the light and small business automotive segment.
The automotive giant faced significant challenges as the market witnessed a downturn, impacting the company's performance. Analysts are closely monitoring the situation as Tata Motors strategizes to overcome this setback and regain its foothold in the M&HCV segment.
Tata Motors' M&HCV division, which specializes in the production of commercial vehicles, has traditionally been a key contributor to the company's overall growth. However, the industry's current landscape and ongoing global economic uncertainties have posed significant challenges for the company.
To combat this situation, Tata Motors has announced strategic measures to navigate the market's difficulties. These include a focus on cost optimization, innovation in product offerings, and strengthening their customer support systems.
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