Tata Motors breathing down on Hyundai with 12.01% PV market share
Tata Motors – Tata Motors, the country’s third-largest passenger vehicle manufacturer, came close to rival Hyundai Motor India (HMIL) in November, according to data from the Federation of Automobile Dealers Associations (FADA). With 12.01 percent of the PV market, it is now closer to the second-largest automaker, HMIL, than it has been in years.
Since last November, the Mumbai-based company has increased its PV market share by 4.5 percentage points. As the production of popular models such as the Tiago, Nexon, and Safari is now only three and a half points behind HMIL. HMIL lost ground marginally during the period, falling by 0.67 percentage points. As a result, Tata Motors has closed the gap on the long-standing second-place holder in the local PV market.
In fact, the gap between the market’s third and second players is closing. HMIL held 18.95% of the stock in June of last year.
Tata has a 6.89% market share. However, by June of this year, Hyundai’s share had fallen to 18.7 percent, while Tata’s had risen to 11.06 percent, narrowing the gap to 7.64 percentage points from 12.06 percentage points in the previous year.
Meanwhile, market leader Maruti Suzuki’s (MSIL) production issues, as well as a general lack of demand for entry-level hatchbacks in the domestic market, resulted in a further decline in its market share. According to FADA data, MSIL’s share of the domestic PV market fell to 41.93 percent in November from 49.24 percent the previous year. However, on a month-to-month basis, its position improved marginally. In October, its market share had dropped to 40.12%.
Pragati Srivastava created the image.
Aside from component shortages and high material costs, MSILs are also lagging in terms of planning for future trends such as electric vehicles (EVs). Tata Motors has already announced a new EV lineup of nearly ten models. Following suit, HMIL today announced plans to launch six electric vehicles by 2028, as well as an investment of Rs 4,000 crore in R&D.
According to its MSIL chairman, RC Bhargava, the first EV models may not be introduced until 2025. He recently stated that the company is waiting for sufficient demand for EVs in the local market.
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