Domestic passenger vehicle (PV) sales began flatly during the first month of the new fiscal, at an estimated 338,341 units. This was just 1.76 percent up compared with the same month last year. Due to an ongoing Lok Sabha election, Industry executives qualified this to a high base effect and muted demand.
The country’s largest passenger vehicle manufacturer, Maruti Suzuki India’s sales in the domestic market were flat at 137,952 units compared with 137,320 during the same month last year. Second-largest PV manufacturer Hyundai Motor India also saw domestic sales grow by a mere 1 percent at 50,201 units. Tata Motors reported a 2 percent increase in total domestic PV sales, including electric vehicles at 47,883 units.
We have started on a very high base this year, while the country is going through elections and there is a model code of conduct. The markets are a little muted during the elections, but once the elections are over, I think we will see a different market, says Maruti Suzuki’s senior executive officer, marketing & sales Partho Banerjee.
Hyundai Motor India chief operating officer (COO) Tarun Garg said the PV industry’s growth which was seen in April was a reflection of what was estimated at the start of 2024 of about a total low single-digit progress. It is more because of the high base effect of the last two years and not necessarily a slowdown, he said, also adding that the inquiry levels and booking were at similar levels to the last year. With the improvement in the supply chain, the overall order book of the industry has lessened, says Garg.
The prediction of a normal monsoon augurs well, mostly from a rural sales perspective, which has been enhanced by the quick development in road infrastructure and increasing aspirations of the consumers there. On the other hand, Toyota Kirloskar Motor said its total wholesales increased 32 percent year-on-year to 20,494 units. We believe that this stable performance highlights a strong foundation for another positive year, says Toyota Kirloskar Motor vice-president, Sabari Manohar.
The retail sales declined 1.45 percent to 4,485 units, says the MG Motor India. In the two-wheeler segment, TVS Motor Company reported a 29 percent growth in the domestic market at 301,449 units. Hero MotoCorp reported a 33 percent growth at 513,296 units, while mid-sized motorcycle maker Royal Enfield reported a 9 percent growth in domestic sales at 75,038 units.
