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Automobile major Tata Motors on Sunday reported a 49 percent slump in its domestic sales in August on a year-on-year (YoY) basis. The company sold 29,140 units of vehicles in the domestic market last month compared to 57,210 units in August 2018.
In a statement, the company said: "Tata Motors Ltd today announced its sales in the domestic and international market, for the month of August 2019, which stood at 32,343 vehicles, compared to 62,688 units during August 2018."
Sale of the company's commercial vehicles fell 45 percent to 21,824 units during the month, it said. Commenting on the performance, Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors said: "Subdued demand sentiment due to poor freight availability, lower freight rates and a general slowdown in the economy continued to hamper the commercial vehicle demand."
"System stock reduction through retail focus and aligning production will continue to be our approach, while cautiously monitoring the market, in these challenging times. As a result, retail sales are estimated to be ahead of wholesale by over 25 percent in August. We are looking forward to a positive impact of the recently announced stimulus package by the government," he said.
The company sold 7,316 units of passenger vehicles last month, a decline of 58 percent from 17,351 units during the same period last year. Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors said that the company would provide special offers and special editions with the festive incoming season.
"Marking the onset of the festive season, we will drive positive sentiments with special offers and several special editions. We have kick-started this by further increasing the style quotient of the Harrier with the Harrier Dark Edition.
"We are hopeful that the recently announced financial package by the Finance Minister will help in improving the liquidity of the market and reduce the ownership cost. This will certainly help the industry to revive and drive growth," Pareek said.
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