Tata Motors shares bounce because it beats Hyundai to develop into second largest carmaker

Tata Motors registered virtually 50 per cent bounce in December gross sales, which noticed it outnumber Hyundai Motor as India’s second largest carmaker after a long time. 

By :
HT Auto Desk

Up to date on:
03 Jan 2022, 12:31 PM

Tata Motors shares bounce because it beats Hyundai to develop into India’s second largest carmaker.

Tata Motors, which turned India’s second largest carmaker by toppling Hyundai Motor after a long time, noticed its shares rise sharply on Monday. The bounce in shares got here after December gross sales stories confirmed Tata Motors register a rise of almost 50 per cent in comparison with December within the earlier 12 months.

Tata Motors shares gained almost 4 per cent on Monday. The inventory jumped 3.59 per cent to 499.70 on the BSE. On the NSE, it gained 3.60 per cent to 499.80.

Tata Motors offered as many as 35,299 items of passenger autos in December 2021. The carmaker had offered a complete of 23,545 items in the identical month a 12 months in the past.

Tata Motors mentioned the general passenger car gross sales stood at 99,002 items within the third quarter in comparison with 68,806 items offered throughout the identical interval within the earlier 12 months. It’s a sharp improve of almost 44 per cent.

Shailesh Chandra, President of the Passenger Automobiles Enterprise Unit of Tata Motors, mentioned, “Tata Motors PV enterprise progress journey continued and set a number of new milestones throughout the quarter regardless of witnessing a shortfall in manufacturing as a result of ongoing semi-conductor disaster.”

Tata Motors has hived off and transferred its complete passenger car enterprise to Tata Motors Passenger Automobiles Restricted earlier final week. The carmaker had earlier mentioned it wished to show its home PV enterprise unit right into a separate entity, and search a strategic partnership so as to assist the unit safe its long-term viability.

One of many vital elements of Tata Motors’ rise as a carmaker has been the efficiency of its electrical autos. Armed with solely two – Nexon EV and Tigor EV – Tata Motors holds majority stake within the four-wheeler electrical car section in India. Chandra mentioned, “EV gross sales witnessed a brand new peak of 5,592 items in Q3 FY22 (progress of 345 per cent versus Q3 FY21).”

Gross sales of Tata Motors’ electrical autos touched 10,000 items within the first 9 months of the continued fiscal. Final month, Tata Motors crossed 2,000 month-to-month EV gross sales landmark for the primary time with 2,255 items offered. 

First Revealed Date: 03 Jan 2022, 12:31 PM IST

Supply hyperlink