Tata Motors will introduce around 2-3 new models in 2024, including the all-new Curvv SUV
In terms of volumes, Tata Motors is currently the third largest carmaker in the country. In November 2023, the company had a market share of 13.76%. Tata Motors is expecting sales of 550,000 units in 2023, which will be the highest ever annual sales for the company. At that number, sales growth will be 5%.
Tata eying 10% sales growth in 2024
Even though 2023 results are pretty good, Tata Motors is targeting a much higher sales growth in 2024. It applies to both the fiscal and the calendar year. Although exact numbers have not been officially revealed, estimates suggest that the company could be targeting sales growth of 10% in 2024. To make it possible, Tata Motors will focus on launching some new products like Curvv as well as introduce electric and CNG variants.
New products launched towards the end of 2023 will also contribute significantly to the company’s sales in 2024. It includes the facelift versions of Nexon, Nexon.ev, Harrier and Safari. Market response has been phenomenal for new Nexon and Nexon.ev, which together have registered bookings of more than 1 lakh units. Among these, 85,000 bookings are for ICE variants and the rest for Nexon.ev.
New Harrier and Safari will also drive growth, as they are now equipped with a comprehensive range of features. Consumer confidence in these SUVs has also increased with 5-star ratings in Global NCAP as well as Bharat NCAP crash tests. MoM growth numbers of Harrier and Safari in November have witnessed a boost, which is indicative of consumer preferences. Tata Safari was especially exceptional, registering a massive 64.70% MoM growth in November.
Tata Curvv – A new growth driver
Market feedback indicates that Tata Curvv is one of the most awaited cars in 2024. Tata too has high expectations from the coupe-style compact SUV. It will be available in both electric and ICE formats. It is likely that the electric version will be launched first, followed by the ICE model. With Curvv, Tata will be entering the highly competitive and highly rewarding compact SUV segment.
It will be a challenging road, as this space already has several bestsellers such as Hyundai Creta, Kia Seltos, Maruti Grand Vitara and Honda Elevate. Tata Curvvwith its refreshing design and hi-tech features, has potential to throw up some surprises.
EVs to boost sales
Tata Motors will also be stepping up focus on the EV segment going forward. In fact, the company has plans to start its innings in 2024 with the electric version of Punch. It is likely to debut as Punch.ev in January. Launch is expected in coming months. It is possible that Punch.ev can be positioned as the most affordable electric SUV in the country. However, there is no official confirmation from Tata about the launch date of Punch.ev.
Tata Motors has plans to launch 10 EV models by 2026. It will include the electric versions of Harrier and Safari. Sierra EV is also under development. To boost EV sales, Tata has started opening EV-exclusive showrooms. Two of these are currently operational in Gurugram.
