Bolstered by new model launches, domestic passenger vehicle (PV) wholesale numbers edged up by 3.7 per cent year-on-year (YoY) to 340,784 units in June this year.
Despite the challenges posed by the Lok Sabha elections and widespread heat waves, PV sales in the first half of 2024 rose 7.6 per cent to 2.168 million units, up from 2.015 million units in the same period in 2023. “Compared to June 2023, this year saw growth of only 12,000 vehicles. This increase has come from the launch of new models, which have come from our competition,” stated Partho Banerjee, senior executive officer, marketing and sales at Maruti Suzuki India (MSIL), India’s biggest carmaker, during a press conference. He also mentioned that passenger vehicle sales are expected to experience muted growth due to a higher base in the current financial year.
MSIL reported a 3 per cent YoY increase in domestic PV wholesales, reaching 137,160 units in June 2024, up from 133,027 units in June 2023. The market leader’s sales for the April-to-June quarter rose 1.2 per cent to 419,114 units.
IPO-bound Hyundai Motor India Limited (HMIL), the second-biggest player in India’s car market, recorded total sales of 64,803 units (domestic 50,103 units and exports 14,700 units) in June 2024, a 1.22 per cent decrease from 65,601 units in June 2023. HMIL completed the first half of 2024 with total sales of 385,772 units, marking 5.68 per cent YoY growth from 365,030 units last year.
“We closed H1CY24 with overall sales growth of 5.68 per cent YoY. SUVs have contributed strongly, accounting for 66 per cent of our domestic sales. The new Hyundai CRETA has been a key driver for domestic H1 sales with 91,348 units sold — growth of 11 per cent over the same period last year,” said Tarun Garg, chief operating officer, HMIL.
Conversely, Tata Motors’ PV numbers fell 8 per cent to 43,624 units in June. Shailesh Chandra, managing director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, noted: “In Q1FY25, after a boost in demand in the first half of April due to festivals in some parts of the country, the passenger vehicle industry saw a decline in retails (registrations) in May and June, influenced by the general elections and heat waves. Tata Motors’ wholesales of 138,682 cars and SUVs in Q1FY25 remained flat compared to Q1FY24, as we readjusted our wholesales in line with retails to keep channel inventory under control.”
Chandra is optimistic about a recovery in demand. “Going forward, we foresee recovery of demand, as enquiries have remained strong despite low retail sales in the past two months. This strong enquiry pipeline, in addition to the onset of the festive season from August, augurs well for the industry. Tata Motors is fully geared up to leverage this growth opportunity on the back of strong demand for its SUV portfolio, especially Punch and Nexon, as well as new launches in the coming months,” he added.
Mahindra & Mahindra Ltd (M&M) announced that its passenger vehicle sales for June 2024 stood at 40,022 units, a 23 per cent increase from 32,588 units in June 2023. Its overall vehicle sales for June reached 69,397 vehicles, reflecting an 11 per cent growth, including exports. Domestic sales of commercial vehicles were 20,594. “We sold a total of 40,022 SUVs in June, growth of 23 per cent, and 69,397 total vehicles, up 11 per cent over the past year. June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pikups, a category creator and a market leader in the LCV segment,” commented Veejay Nakra, president, automotive division, M&M.
Demand recovery in rural areas helped two-wheeler sales in June 2024. Motorcycle major Bajaj Auto posted a 7 per cent increase in domestic two-wheeler sales at 177,207 units, against 166,292 units a year ago.
This domestic market recovery comes at a time when the company’s exports saw a marginal dip of 1 per cent. During the April-to-June period, too, it posted a 7 per cent increase in domestic sales at 582,497 units, against 542,931 units in the first quarter of FY24. Honda Motorcycle & Scooter India’s dispatches stood at 518,799 units, registering a 60 per cent YoY growth. This includes domestic sales of 482,597 units and exports of 36,202 units.
TVS Motor Company recorded monthly sales at 333,646 units in June 2024, up 5 per cent YoY. Its two-wheeler sales registered growth of 6 per cent from 304,401 units in June 2023 to 322,168 units in June 2024.
First Published: Jul 01 2024 | 6:12 PM IST
