Indian commercial vehicle manufacturer Ashok Leyland's January 2024 sales figures showed a decline in domestic sales but overall growth when exports are included.
Total domestic sales for Ashok Leyland were down 8% year-over-year in January to 14,899 vehicles. This decline was driven by drops in both medium and heavy commercial vehicles (M&HCVs) as well as light commercial vehicles (LCVs). M&HCV truck sales fell 17% to 7,581 units while LCV sales decreased 11% to 5,444 units. The only area of domestic growth was in M&HCV bus sales, which jumped 89% to 1,874 units.
On a cumulative basis, Ashok Leyland’s total domestic sales from January 2023 to January 2024 reached 145,062 vehicles, representing a 3% increase over the year-ago period. M&HCV trucks remained down 1% at 77,846 units in the first ten months but M&HCV buses were up 67% at 13,090 units. LCV sales were essentially flat, edging up 0.3% to 54,126. The growth in bus sales helped push total cumulative M&HCV volumes up 5% despite the minor drop in trucks.
When exports are factored in, Ashok Leyland's overall January sales picture improves. Total international volumes increased 32% for M&HCV buses and declined 15% for M&HCV trucks, contributing to an 8% year-over-year decrease in total M&HCV units. However, a better showing from LCV exports brought total global vehicles sales down to a more modest 7% decline, reaching 15,939 units.
On a cumulative basis through January, exports helped boost Ashok Leyland's total M&HCV volumes by 3% to 97,952 and total LCV volumes by 2% to 56,401 vehicles. This brought total year-to-date global sales to 154,353, up 3% compared to the same period previous year. The growth demonstrates that while demand has softened recently in India, exports remain a bright spot for the company.