Tata Motors expects the commercial vehicles industry to grow more than 30% 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 unveiled its latest range of intermediate and light commercial trucks (I & LCV) – the Ultra Sleek T-Series – starting from ₹ 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,” Tata Motors President Commercial Vehicle Business Unit, Girish Wagh told reporters in a virtual conference.
He further said the 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.”
On the growth expectations for the upcoming fiscal, Mr. 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 is now recovering gradually, he added.