Amid rising mercury levels and lukewarm retails during election season, passenger vehicle (PV) sales during May 2024 saw Year-on-Year (YOY) growth of 4.4 percent at 3,50,257 units as against 3,35,436 units dispatched during May 2023. The high base effect of last year also resulted in modest growth in PV volumes last month.
Maruti Suzuki’s total domestic PV sales rose marginally to 1,44,002 units last month from 1,43,708 units in the year-ago period. During May 2024, the company’s marketshare in the entire PV market stood at 41.1 percent.
When enquired about the modest growth in PV market last month Partho Banerjee, Senior Executive Officer, Marketing and Sales, said, “As the high base effect (of 2023) has come in, the growth will not be significant this year.” He also stated that there was some "postponement of sales" by prospective buyers due to scorching heat and ongoing elections during the last month.
The country's largest carmaker's total domestic sales, comprising LCVs, sales to OEMs (Toyota) and PVs, were 1,57,184, up by 3 percent from 1,51,606 units in May 2023. According to Banerjee, while there were some bookings, their customers were waiting for the final purchase once the new government is formed.
“From the middle of June, after the new government is formed, we will see some traction. We are hopeful that we will start see the greenshoots coming once the election results are announced and we get a stable government,” added Banerjee.
Hyundai Motor India’s domestic dispatch of vehicles to dealers saw 1 per cent rise to 49,151 units last month from 48,601 units in the year-ago period.
"We have maintained a healthy total sales volume in May 2024, despite a week-long routine bi-annual maintenance shutdown at our Sriperumbudur factory," HMIL COO Tarun Garg said.
He also stated that SUVs, which contributed 67 percent of its total sales, continue to be a "growth driver" for the company. "Our rural penetration stood at a healthy 20.1 per cent in May," added Garg.
Mahindra & Mahindra (M&M) achieved overall sales of 71,682 in month of May 2024, recording a growth of 17 percent over last year. Total sales include passenger vehicles sales of 43,218 units, higher by 31% over 32,886 units sold in May 2023
Tata Motors' total domestic PV sales, including EVs, were 46,697 units , up by just 2 percent from 45,878 units last year.
Kia India stated its total wholesales increased 4 percent year-on-year to 19,500 units in May. The South Korean carmaker had dispatched 18,766 units to dealers in May 2023.
"So far in this year, we have been aggressive in introducing new competitive variants of our models, which has contributed significantly to our sales," Kia India Senior VP and Head Sales & Marketing Hardeep Singh Brar said in a statement.
Toyota Kirloskar Motor (TKM) reported 24 percent YOY increase in total wholesales (including exports) in May at 25,273 units. Last month, domestic sales stood at 23,959 units.
"The newest addition to our robust SUV lineup, the All-New Urban Cruiser Taisor, reaffirms TKM’s commitment to meeting the dynamic demands of the market. Furthermore, the sustained enthusiasm shown by customers towards all our products and services underscores the success of our product strategy and our deep market connection," TKM Vice President, Sales-Service-Used Car Business Sabari Manohar said in a statement.
MG Motor India, however, reported a 5 percent dip in wholesales at 4,769 units in May compared to the same month last year. The company had dispatched 5,006 units to dealers in May 2023.
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