NEW DELHI: Despite partial relief from the intense heat wave and election fervour subsiding completely, passenger vehicle (PV) sales remained under pressure in July 2024 with the top 3 carmakers reporting a dip in sales. The fall comes even as original equipment manufacturers (OEMs) and deal showrooms are offering hefty discounts to lure buyers.
Domestic PV sales of Maruti Suzuki (MSIL), India’s largest carmaker, fell 9.6% YoY to 137,463 units in July 2024 as against 152,126 units in the corresponding month last year. Not only in the mini and compact segment, but MSIL also registered a dip in its utility vehicles (UVs) sales. It sold 56,302 UVs in July 2024 as against 62,049 sold in July 2023.
IPO-bound Hyundai Motor India (MSIL) domestic sales fell 3.33% YoY to 49,013 units in July 2024 as against 50,701 units in July 2023. Tarun Garg, Whole-time director and chief operating officer, HMIL said, “SUVs continue to demonstrate a robust contribution, accounting for 66.6% of total HMIL domestic sales. The new Hyundai CRETA achieved key milestones of 1 lakh unit sales till July 2024, while also achieving highest ever monthly domestic sales of 17,350 units in July 2024.”
Tata Motors’ domestic PV sales fell 6% to 44,725 units in July 2024 from 47,628 units in July 2023. Its electric vehicle plummeted 21% to 5,027 units last month as demand from fleet operators dried up. The automaker said that although demand has remained less than anticipated, they expect it to pick up during festive period.
“New product launches will augur well for the business. Our focus is to increase addressable market by introducing new nameplates, strengthen multipowertrain strategy to leverage industry powertrain shifts and grow the EV market in India while maintaining market leadership,” Tata Motors said in its result. Meanwhile, SUV majors Mahindra & Mahindra (M&M) and Toyota (TKM) continue to report healthy growth in sales.