Expect PV segment growth to moderate to 5-7% this fiscal: Tata Motors
Tata Motors expects the passenger vehicle industry growth to moderate to 5-7 per cent in the current financial year as compared with 27 per cent sales growth in the last financial year with dip in pent-up demand, according to a top company executive.
In order to sustain growth, the auto major is looking to introduce new products including CNG and electric models, while bolstering its existing range with new interventions.
In an analyst call, Tata Motors Managing Director, Passenger Vehicle and Electric Vehicles, Shailesh Chandra noted that pent-up demand in the passenger vehicle segment has now clearly gone down, barring certain new launches in a few popular sports utility vehicle segments.
He noted that due to pent-up demand and low inventory levels last fiscal, the industry reported a steep growth of 27 per cent year on year as compared with FY22.
"This year (2023-24)...growth would be slightly moderate in the zone of 5 to 7 per cent. But I'm sure that beyond this financial year,