Tata Motors, India’s largest commercial vehicle maker whose mini truck Tata Ace has long been synonymous with the segment, is now looking at ways to rebrand its SCV (small commercial vehicle) business.
As reported by Live Mint, the automaker has plans to capture share it has lost to rival Mahindra & Mahindra and Ashok Leyland in the segment.
Speaking about the decision, Tata Motors CFO, P.B. Balaji said, “We need to increase market share in this segment. We need to respond to the fact that it’s (small commercial vehicles) a B2C business rather than a B2B (business-to-business) business and that’ll have new facets in terms of how to build the brand, how to build the entire product offering which is more consumer facing rather than a B2B kind of a thought process."
Meanwhile, in contrast to a net profit of Rs 2,958 crore during the same period last year, Tata Motors announced on Friday a 137% year-over-year growth in its consolidated net profit for the quarter that ended on December 31.
Strong sales and profitability in its luxury automobile division, Jaguar Land Rover, with its headquarters located in Coventry, UK, helped the domestic auto major record a 25% increase in revenues during Q3FY24, totaling Rs 1.1 trillion. The subsidiary produced £626 million in free cash flow during the quarter, bringing its total for the fiscal year 2024 to date to £1.4 billion.
This puts the subsidiary on track to surpass £2 billion for the entire fiscal year while still staying within the parameters of its net debt reduction objectives.