The majority of the manufacturers of passenger vehicles (PVs) recorded double-digit growth over the same month last year, while domestic wholesales (dispatches to dealers) of automobiles maintained their momentum in the festival month of October. The manufacturers predict that the trend will hold in the upcoming months due to the better semi-conductor condition.
Market leader Maruti Suzuki India (MSIL) sold 1,40,337 PV units during the month, up 29% year over year (yoy) from the 1,08,991 units it sold in the same month last year. “This year, the industry could see sales figures of about 38 lakh. We anticipate Maruti Suzuki to achieve similar results to last year. In terms of wholesales as well, this (October) is the third month with the highest-ever sales. The most units were sold in September, around 3.55 lakh, followed by July, 3.41 lakh, and October, 3.37 lakh. Senior Executive Director of Marketing and Sales of MSIL, Shashank Srivastava
Hyundai expands by 30% Similar to this, Hyundai Motor India, the second-largest PV manufacturer, reported a surge of 30% year over year in October to 48,001 units compared to 37,021 units in the same month last year.
We were able to meet client expectations and deliver their preferred Hyundai cars during the festival season thanks to the steadily improving semiconductor situation.
Tata Motors, the nation’s biggest manufacturer of passenger EVs, also recorded an increase of 33% year over year to 45,423 units in October compared to 34,155 units in October 2021. Mahindra & Mahindra, the manufacturer of the “Scorpio,” saw sales increase by 60% year over year in October to 32,298 units from 20,130 units in the same month last year. Similar to this, organizations like Toyota Kirloskar Motor, Honda Cars India, Kia India, and Skoda India recorded monthly sales rise in the double digits. However, Nissan India, a Japanese subsidiary, reported a 22% year-over-year fall in sales, with 3,061 units sold in October as opposed to 3,913 units in the same month last year.
Except for market leader Hero MotoCorp, all of the other big two-wheeler companies posted positive results, albeit with single-digit growth. In comparison to the 5,27,779 units sold in October 2021, Hero MotoCorp sold 4,42,825 units in October, a fall of 16 percent year over year. However, Honda Motorcycle & Scooter India, a rival company, recorded an increase of 8% year over year to 4,25,969 units during the month compared to 3,94,645 units in the same month last year. All of the businesses, including Ashok Leyland, Tata Motors, Volvo Eicher, and M&M, reported increases in yearly sales in the commercial vehicle market.