Although sales of passenger cars might decline, the EV market might grow- Tata Motors
Customers will give less preference to vehicles in the passenger vehicle segment in the fiscal year beginning in April 2024. Additionally, it has been suggested that during this time, sales of electric cars might rise even further. According to Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles, the EV infrastructure is anticipated to fortify during this time as well.
Sales of passenger cars are predicted to stay low in the upcoming fiscal year. Sales for the upcoming fiscal year are probably going to decline by 5%, according to Tata Motors. Customers will give vehicles in this segment less preference in the fiscal year beginning in April 2024.
It has also been said that the sales of electric vehicles may continue to increase during this period. Let us know about this news.
Tata Motors Passenger Vehicle Managing Director Shailesh Chandra said that there will be a decline in passenger vehicle sales in the next financial year. This segment will be slow. He said that there may be a decline in this segment. However, the sales of vehicles in the rapidly growing electric segment are expected to increase. He has expressed the possibility of strengthening the EV infrastructure.
Chandra said the passenger vehicle segment in the industry witnessed 25 per cent growth in FY2013, which is expected to moderate to around 8 per cent this financial year. He said that currently high base effect is being seen in the industry and there may be a challenging situation for this segment in the next financial year.
Additionally, Shailesh Chandra has made references to raising the cost of passenger cars. According to him, the rising price of crude oil could affect the cost of passenger cars.
Customers currently exhibit a strong preference for electric vehicles. In such a scenario, it is anticipated that the segment's car sales will rise in the upcoming fiscal year.
