Maruti Suzuki domestic sales up 9% to 1,68,544 units in February
The company sold a total of 197,471 units in the month.
The company sold a total of 197,471 units in the month.
Tractor sales dipped this month due to the continuing impact of uneven monsoon coupled with insufficient rainfall and diminished reservoir levels which impacted the Kharif output, the company said.
Its overall sales for February 2024 stood at 72,923 vehicles, including exports, a growth of 24%.
Electric vehicles continue to contribute a significant share of the carmaker’s overall vehicle sales, the company said.
It would be the first time in seven years when February will see two consecutive years of growth on YoY basis. In the first 10 months of FY24, passenger car makers sold 3.46 million vehicles, up 7.8% year-on-year.
"We had seen a very strong growth in FY23 of 25%, which is likely to moderate in FY24 to about 8%. Therefore, we are seeing with this high base effect, and FY25 will be slightly challenging with less than 5% growth rate," Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said in an analyst call.
Vehicle registrations in India reached 2,127,653 units last month, marking a significant increase compared to the same period last year, according to the Federation of Automobile Dealers Association (FADA). Two-wheeler sales grew by 15%, driven by the rural market, while passenger vehicle sales reached an all-time high. However, high inventory levels and potential caution from consumers due to upcoming elections could pose challenges for auto dealers.
Baleno emerged as the leader, with 20% year-on-year sales growth totaling 19,630 units. Tata Motors' Punch claimed the second position, recording an impressive 50% year-on-year increase with 17,978 units.
The company, which derives about three-fourths of its volumes from passenger and commercial vehicles, benefitted from sustained growth in auto sales and maintenance demand in the world's third-largest car market.
Indian carmakers Maruti Suzuki, Hyundai Motor India, and Tata Motors reported their best-ever monthly sales in January, with volumes growing by over 13%. Maruti Suzuki sold 166,802 units, Hyundai Motor India sold a record 57,115 units driven by the newly launched Hyundai CRETA, and Tata Motors saw sales increase by 12%. Two-wheeler companies Honda Motorcycle & Scooter India and TVS Motor Company also reported significant growth. However, commercial vehicle sales were subdued, with Tata Motors experiencing a decline, and Mahindra Tractors reporting a 17% decline in sales.
The President said,"About two thousand electric vehicles were sold in 2014-15. Whereas, till the month of December for the year 2023-24, about 12 lakh electric vehicles have been sold."