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August sets new record for domestic passenger vehicle sales in India
Industry News- Sep 07,23
Utility vehicles like Brezza, Grand Vitara, Jimny, Ertiga, and XL6 experienced a substantial two-fold increase with sales surging from 26,932 units in August of the previous year to 58,746 units.
In August, domestic passenger vehicle sales achieved a historic milestone, primarily driven by Maruti Suzuki's highest-ever monthly deliveries, fuelled by festive demand and the sustained popularity of SUVs. Hyundai Motor India, Mahindra & Mahindra, and Toyota Kirloskar Motor also reported robust dispatches to their dealers during the same period.
Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki India, expressed his enthusiasm, stating, "August marked an exceptional month for the industry, with passenger vehicle sales reaching an all-time high of 360,897 units. This represents the highest monthly sales in the history of the industry."
Maruti Suzuki played a significant role in this achievement, with their record-breaking monthly wholesales of 189,082 units in August, driven by strong SUV sales. In the April-August period, the industry recorded a growth of 8 percent, crossing the 17 lakh units mark.
The SUV segment continued its impressive performance, accounting for 48.6 per cent of the total passenger vehicle industry in August. The festive season, commencing with Onam in Kerala, contributed to a remarkable retail growth of 25 per cent in the state.
Maruti Suzuki's overall dispatches to dealers surged by 14 per cent in August compared to the same month in 2022, solidifying its position as the leading player in the domestic SUV segment from April to August. Their SUV models, including Grand Vitara, Brezza, and Jimny, were particularly instrumental in this success.
The total domestic passenger vehicle sales in August reached 156,114 units, a remarkable 16 per cent growth compared to the previous year. Within this, utility vehicles like Brezza, Grand Vitara, Jimny, Ertiga, and XL6 experienced a substantial two-fold increase, with sales surging from 26,932 units in August of the previous year to 58,746 units.
Maruti Suzuki outperformed Mahindra & Mahindra in the SUV segment in August, with 41,658 units sold compared to Mahindra's 37,233 units. The company also increased its wholesale market share to 43.5 per cent in August, up from 40.8 per cent in the same month the previous year.
Maruti Suzuki's stock price reached a new all-time high, reflecting the positive impact of their August sales data. The stock opened at Rs 10,000 on the BSE, climbed to a fresh 52-week high of Rs 10,390, and ultimately closed 3.24 per cent higher at Rs 10,331.80 on BSE.
Hyundai Motor India reported a 9 per cent increase in domestic wholesales, totalling 53,830 units in August, indicating a promising start to the festive season. Mahindra & Mahindra achieved a 25 per cent growth in passenger vehicle sales, with 37,270 units sold in August.
Toyota Kirloskar Motor celebrated its best-ever monthly sales at 22,910 units in August, marking a 53 per cent increase in dispatches to dealers compared to the previous year.
Tata Motors experienced a slight decline of 3.5 per cent in domestic passenger vehicle sales in August, while MG Motor India reported a 9 per cent year-on-year increase in retail sales.
In the two-wheeler sector, Bajaj Auto's total vehicle sales, including commercial vehicles, dropped by 15 per cent to 341,648 units in August. Meanwhile, TVS Motor Company recorded a 4 per cent growth in total sales, and Royal Enfield saw a significant 11 per cent increase in total sales, with domestic sales growing by 10 per cent year-on-year.
Source: Business Standard
Domestic Passenger Vehicle Sales
Maruti Suzuki
SUV demand
Hyundai Motor India
Mahindra & Mahindra
Toyota Kirloskar Motor
ajaj Auto
TVS Motor Company
Royal Enfield
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