Improved semiconductor supply and new launches in the last few months led to growth in automobile sales in July, not only in the passenger vehicle (PV) segment but also in the two-wheeler and commercial vehicle segments. Some companies recorded one of the highest monthly sales in July post-Covid restrictions and some reported highestever monthly sales in their history of operations in the country.
“There is an increase of stock buildup in the industry now from 1,20,000 units at the beginning of April to almost twolakh units now for the existing models. That is something we need to watch for, although the bookings for new models are good,” said, Shashank Srivastava, Senior Executive Director (Sales & Marketing), MSIL.
“Factors like good monsoon and increased demand for personal mobility translated to rise in customer walk-ins and enquiries. Commencing the second quarter on a high along with the coming festival season, we expect to regain the growth momentum at a faster rate,” Atsushi Ogata, Managing Director, President and Chief Executive Officer, HMSI, said.
In the twowheeler segment, market leader Hero MotoCorp reported marginal growth in sales with 4,30,684 units. Honda Motorcycle & Scooter India (HMSI) reported 18 % growth at 4,02,701 units. The commercial vehicle segment saw major companies post higher doubledigit growth on the yearly basis. However, in the tractor segment, both Escorts and M&M reported a decline in sales.