October Wholesale and Retail PV Sales Overview
In October 2024, the Passenger Vehicle (PV) sector witnessed a mix of stability in wholesale numbers and significant growth in retail sales. Wholesale units remained stable at approximately 390,000, a slight decrease from 391,472 units dispatched to dealerships during the same period last year. However, the retail sector saw an impressive 34% Year-on-Year (YoY) increase, reaching 450,645 units in comparison to 336,382 units in October 2023, according to Vahan data.
Maruti Suzuki’s Sales Performance and Outlook for November
Maruti Suzuki, the largest automaker in India, experienced a 5% decline in total domestic PV wholesale units, with figures dropping to 159,591 units from last year’s 168,047. Nevertheless, the company’s retail performance tells a different story. Maruti’s retail figures stood at 202,402 units in October 2024, marking a YoY growth of 22.4%.
Senior Executive Officer Partho Banerjee emphasized that retail numbers provide a more accurate reflection of market demand. He shared that October 2024 represented Maruti’s highest retail volume for an October, surpassing 200,000 units. Notably, sales during the Dhanteras festival played a significant role, with Maruti selling approximately 42,000 units on this auspicious day, a significant jump from last year’s 23,000 units. Maruti is optimistic about November’s retail sales, bolstered by the upcoming marriage season, which is expected to bring additional demand.
Hyundai Motor India: Highest-Ever Monthly SUV Sales
Hyundai Motor India Ltd. (HMIL) recorded a minor rise in domestic sales with 55,568 units sold in October 2024, a slight increase from 55,128 units last year. However, the highlight for Hyundai was its SUV segment, which accounted for 68.2% of its total sales, indicating a strong preference for SUVs among consumers. October 2024 became Hyundai’s best month for SUV sales, with the popular Hyundai Creta reaching its highest monthly sales ever at 17,497 units.
According to Tarun Garg, Chief Operating Officer of HMIL, the festival season contributed to heightened demand for SUVs across both urban and rural markets, establishing the brand’s SUV lineup as a major driver of growth.
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Tata Motors and Mahindra & Mahindra’s October Sales
Tata Motors witnessed a slight decrease in domestic PV sales, with 48,131 units sold in October 2024 compared to 48,337 units last year. Conversely, Mahindra & Mahindra recorded its highest monthly sales, with 54,504 units sold domestically, reflecting a substantial 25% increase from 43,708 units in October 2023.
Mahindra’s success is partially attributed to its new launches, such as the Thar ROXX, which garnered an impressive 1.7 lakh bookings within an hour of its launch. This momentum sustained sales through the festive season, particularly in the SUV segment, which remains a strong performer for the company.
MG Motor and Toyota Kirloskar’s Festive Season Boost
MG Motor India also experienced growth, with a 31% YoY rise in wholesales, reaching 7,045 units in October 2024. Similarly, Toyota Kirloskar Motor (TKM) saw a robust 41% increase in total sales, totaling 30,845 units (including exports) compared to 21,879 units in October 2023. Sabari Manohar, TKM’s Vice President of Sales-Service-Used Car Business, highlighted that the strong demand was fueled by a comprehensive product lineup and seasonal sales momentum.
The Impact of Festive Season on PV Sales
The festival season, particularly Dhanteras, significantly influenced October’s PV retail sales. Dhanteras, a festival celebrated by Hindus to usher in prosperity, encourages the purchase of vehicles, electronics, and jewelry. This year, Dhanteras spanned from October 29 to October 30, leading to a surge in retail transactions across the PV sector.
Outlook for the Coming Months
With the marriage season underway in November, the automotive sector anticipates sustained retail demand. Maruti Suzuki, Hyundai, and Mahindra are particularly optimistic about the coming months, expecting strong sales driven by both urban and rural customers.
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