After witnessing an all-time high numbers in FY 2023-24, passenger vehicle (PV) sales during April 2024 remained flat at 338,341 units. Industry players reckon that due to the “high base effect” of last year and “lukewarm retails” during election season, the total industry car wholesales were up by just 1.76 percent in April 2024 from 3,32,468 units dispatched during April 2023.
The sports utility vehicle (SUV) segment continued to contribute a major chunk of volumes at 181,044 units, which is 53.5 percent of the total PVs sold in the domestic market. The total SUV sales by carmakers grew by 15 percent on an annual basis in April 2024.
Out of the total PVs sold in April 2024, Maruti Suzuki India Limited (MSIL) sold 1,37,952 units in the domestic market, as compared to 137,320 units during the same month last year. While MSIL retained a market share of 40.8 percent, its SUV sales grew by of 38.6 percent YoY at 39,308 units.
“The flat sales in the PV industry were due to two reasons. First of all, we started on the high base this (fiscal year) compared to last year. If you see the industry’s network stock last year was much higher than his year. Another reason is the election phase which is going on along with the model code of conduct (coming in)," Partho Banerjee, senior executive officer, marketing & sales, Maruti Suzuki, told reporters over a virtual call.
He went on to add, "Things will be the same until the month of June and after the new government formation we will see a revival in the market." He also reaffirmed that the industry will grow in single digits during the entire fiscal.
Hyundai Motor India Limited (HMIL) revealed that its domestic wholesales saw an increase of 1 per cent to 50,201 units last month from 49,701 units in the year-ago period.
HMIL COO Tarun Garg revealed that in April, it achieved a fourth consecutive month of 50,000-plus domestic sales this year on the back of models such as Creta, Venue and Exter and other SUVs contributing 67 percent of its total sales.
In his view, “In both rural and urban markets, SUVs accounted for 67 percent of our total (domestic) sales, which is a significant departure from previous years when rural demand trailed behind urban markets by 5-7 percent. This transformation in the non-urban markets is largely due to the evolving needs and preferences of rural buyers, who are now seeking vehicles that have advanced technological and safety features.”
Tata Motors’ total domestic PV sales. including Electric Vehicles (EVs) rose 2 percent to 47,983 units last month from 47,107 units in April 2023.
Mahindra & Mahindra Ltd (M&M ), which recently rolled out the XUV 3XO subcompact SUV, sold 41,008 units of passenger cars in the domestic market in April against 34,698 units in the same month last year, a growth of 18 percent YOY.
Toyota Kirloskar Motor (TKM) revealed that its wholesales increased by 32 percent year on year to 20,494 units in April. Out of the total sales, the domestic market accounted for 18,700 units while exports were 1,794 units.
"Our product strategy resonates the strong connect with the market thanks to the diversified portfolio," Toyota Kirloskar Motor Vice President, Sales-Service-Used Car Business Sabari Manohar said in a statement.
MG Motors India said its retail sales declined 1.45 per cent year on year to 4,485 units in April. The company had reported sales of 4,551 units in April 2023.
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