Tata Motors sees commercial vehicles growth at over 30 pc next fiscal

The company, which on Thursday launched its latest range of intermediate and light commercial trucks (I&LCV) - the Ultra Sleek T-Series.

New Delhi: Homegrown auto major Tata Motors expects the commercial vehicles industry to grow over 30 per cent in the next fiscal on the back of cyclical demand uptick and overall recovery of economic activity, according to a top company official. The company, which on Thursday launched its latest range of intermediate and light commercial trucks (I&LCV) – the Ultra Sleek T-Series with price starting from Rs 13.99 lakh (ex-showroom Delhi), is also seeking to cash in on the return of demand and enhance its market share in the segment.

“One can now say that the economic recovery is well and truly in place and we see the last quarter GDP growth has been positive. The same thing is expected this year. Next year also both the government and RBI have given projections that the GDP should grow in double digits,” Tata Motors President Commercial Vehicle Business Unit, Girish Wagh told reporters in a virtual conference.

He further said, the commercial vehicles (CV) industry is very closely linked to the overall economic activity. “We do see that next year the CV industry should grow, do well and we should be getting into a cyclical upturn again after having two years of downturn.”

Commenting specifically on the growth expectations for the upcoming fiscal, Wagh said, “Next year, therefore, we are looking at growth rate in the higher 30s, that’s the kind of growth rate we are looking for the overall industry.”

The domestic CV industry, which started to go on a slump from November 2018 due to increase in axle load norms, credit crunch and economic slowdown, coupled with BS-VI transition and the disruptions of the Covid-19 pandemic, is now recovering gradually, he added.

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