The auto major said its passenger vehicle sales in the domestic market stood at 30,185 units in July, as compared to 15,012 units in the same month last year.
The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market.
While the company’s net loss fell around half from Rs 8,443.98 crore (loss) it had reported in the pandemic struck quarter a year back (Q1FY21), it was way higher than what the street had estimated.
The company had posted a consolidated net loss of Rs 8,443.98 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.
Tata Motors said its board has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis.
All vehicles for the fleet segment will sport XPRES badge, clearly differentiating them from the models that cater to the requirements of the personal segment.
While Ceat will hold 26 per cent stake in the SPV, Tata power will own 74 per cent, as per the captive generation rules, it said.
Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in the first quarter stood at 52,470 units as compared with 11,598 units a year ago.
“We expect the situation will start to improve in the second half of our financial year.
Tata Motors is not the only automaker that has decided to increase the prices of its product second time this FY and the third time this calendar year 2021.
Like May 2021, sales in June 2020 were severely impacted by Covid-19 lockdowns.
Maruti Suzuki clocked in a whopping 217 per cent increase in total sales from May, while Hyundai boasts of a 77 per cent spike over the last month.
Tata Motors would also collaborate with IOCL's R&D Centre to study the potential of fuel cell technology for commercial vehicles by testing these buses as public transport in places like the NCR.
At present, Tata Motors is the largest EV player in the country, with two electric four-wheelers (e4W) and commanding a market share of 71 per cent.
The auto major also said it has elevated Girish Wagh, who currently heads the company's commercial vehicle operations, as executive director with effect from July 1, 2021.