Tata Motors, currently holding the third-largest market share in India with 13.76% as of November 2023, is anticipating record-breaking sales growth in 2024. Despite achieving a projected 5% sales growth in 2023, reaching an all-time high of 550,000 units, the company is setting its sights on a more ambitious target of 10% sales growth in the upcoming year. The strategic plan involves the introduction of 2-3 new models, a focus on electric and CNG variants and the launch of some highly anticipated products.
Sales Growth Targets
- Tata Motors achieved a market share of 13.76% in November 2023.
- Projected sales for 2023 stand at 550,000 units, representing a 5% growth.
- The company aims for a robust 10% sales growth in 2024 targeting both fiscal and calendar year results.
New Product Launches
- The latter part of 2023 saw the introduction of facelift versions for Nexon, Nexon.ev, Harrier, and Safari.
- New Nexon and Nexon.ev garnered significant market response, amassing over 1 lakh bookings, with 85,000 for ICE variants and the remainder for Nexon.ev.
- Harrier and Safari, equipped with comprehensive features and achieving 5-star safety ratings in Global NCAP and Bharat NCAP tests, are expected to contribute significantly to sales growth.
Tata Curvv – Anticipated Growth Driver
- Tata Curvv, a coupe-style compact SUV available in electric and ICE formats, is highly anticipated in the market.
- Expected to debut in both electric and ICE models, Curvv enters the competitive compact SUV segment, challenging bestsellers like Hyundai Creta, Kia Seltos, Maruti Grand Vitara, and Honda Elevate.
- Tata aims to capitalize on Curvv's refreshing design and advanced features to make a mark in the segment.
Electric Vehicle (EV) Focus
- Tata Motors plans to commence its EV endeavors in 2024 with the electric version of Punch, possibly named Punch.ev, with a potential launch in January.
- Tata aims to position Punch.ev as the most affordable electric SUV in the country.
- The company is actively working towards launching 10 EV models by 2026, including electric versions of Harrier and Safari, with Sierra EV also in development.
- Tata has initiated the establishment of EV-exclusive showrooms, with two operational in Gurugram, to enhance the focus on electric mobility.
Tata Motors is poised for an ambitious year in 2024 anticipating significant sales growth through new product launches, particularly the highly awaited Tata Curvv and a heightened focus on the electric vehicle segment. The strategic initiatives align with the company's commitment to innovation, sustainability, and meeting evolving consumer preferences in the dynamic Indian automotive market.