© Reuters
Tata Motors (NYSE:) reported a substantial decline in the domestic sales of its SUV models during the second quarter of the fiscal year 2024 (Q2 FY24). The models contributing to this decrease include Punch, Nexon, Harrier, and Safari.
The total SUV volumes dipped by 11.01% to 83,239 units in the September quarter from 93,538 units in Q2 FY23. Specifically, year-on-year sales of Punch and Nexon fell by 4.77% to 75,310 units from 79,082 units in Q2 FY23. Meanwhile, Harrier and Safari witnessed a steeper decline of 45.15% to 7,929 units from 14,456 units in Q2 FY23.
The decrease in Nexon sales has been attributed to customers waiting for its facelift model. The updated Nexon, priced between Rs 8,09,990 to Rs 15,49,990 (ex-showroom), was launched on September 14.
Tata Motors, a prominent player in the Automobiles industry according to InvestingPro Tips, anticipates a surge in Harrier and Safari sales following their respective facelift launches. The company opened bookings for these models on Thursday with a token amount of Rs 25,000.
This optimism is not without basis. InvestingPro Tips points out that Tata Motors’ revenue growth has been accelerating and the company is expected to be profitable this year. In fact, it has been profitable over the last twelve months. The company’s stock is trading near its 52-week high, indicating a strong return over the last year.
For more detailed insights, readers can explore the 11 additional InvestingPro Tips available for Tata Motors at InvestingPro.
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