Tata’s hunt for a partner to form a separate entity coincides with the firm’s strong recovery in the domestic market. Its September sales crossed the 21,000-mark for the first time in eight years.
A senior official noted that while the subsidiarisation process is on, the company is alongside 'actively looking for a partner' to create assets and capabilities with a win-win situation for both.
Two-wheeler sales also rose 11.64 per cent to 18,49,546 units, compared with 16,56,658 units in the same month last year.
Two-wheeler sales, however, declined 12.62 per cent to 10,16,977 units last month, as compared to 11,63,918 units in September 2019.
Two-wheeler sales grew by 3 per cent last month to 1,559,665 units as against 1,514,196 units in the year ago month.
Total sales across categories declined 26.81 per cent to 11,88,087 units last month as against 16,23,218 units in the year-ago month.
SIAM Director-General Rajesh Menon said the July sales were significantly better than the preceding months and it instilled some confidence in the industry.
Two-wheeler sales declined 37.47 per cent to 8,74,638 units last month as compared to 13,98,702 units in July 2019.
Three-wheeler sales fell 75.43 per cent to 11,993 units last month as compared with 48,804 units in June 2019.
According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales were also down 38.
The share of diesel vehicles has already reduced to 29 per cent in 2019-20 from 58 per cent from 2012-13, and it will further reduce to about 15-18 per cent.
First ten days of June witnessed extremely low demand despite many dealerships open for business, he added.
As per industry sources, it is the first time the popular SUV has taken the top slot in the monthly sales numbers, beating Maruti Suzuki's best sellers like Alto and Dzire.
The report by ratings agency Crisil Research projected that half of passengers vehicle sales and a third of two-wheeler volume are at risk due to the coronavirus-induced pandemic.
ICRA said the lockdown will put financial stress on consumer's income level and will result in deferral of non-discretionary items like passenger vehicles.