NEW DELHI: Two top carmakers- Maruti Suzuki (MSIL) and Hyundai Motor (HMIL) and Country’s largest two-wheeler maker- Hero MotoCorp on Monday reported stellar year-on-year growth in August sales figures. Experts had earlier expected OEMs to post growth figures for August owing to good demand, good supply, low inventory and a low base.
MSIL witnessed a 21 per cent jump in its August domestic passenger vehicle (PV) sales (excluding OEMs) to 113,033 units as against 93,173 sold in the same month last year. Segment-wise, sales of MSIL’s entry level models- Alto and S-Presso grew by 94.7 per cent y-o-y to 19,709 units last month.
Experts said demand for smaller cars and two-wheelers will continue to remain high as more and more people are opting for personal mobility over public transport amidst coronavirus outbreak.
Hyundai registered 19.9 per cent y-o-y growth in its domestic sales at 45,809. Tarun Garg, Director (Sales, Marketing & Service), at HMIL said, “We would like to carry on with cautious optimism as uncertainty still surrounds the pandemic.”
Hero MotorCorp sold a total of 584,456 units of motorcycles and scooters in August 2020, a growth of 7.55 per cent y-o-y. Hero said it cautiously anticipates sales to continue their upward trajectory with favorable factors such as the upcoming festive season, increasing consumer confidence and continued government policy support.
Chennai based TVS Motor reported sales of 218,338 units in August 2020 as against 219,528 units in August 2019, while niche bikemaker Royal Enfield reported 2 per cent dip in sales at 47,571 units.
Mahindra & Mahindra’s PV sales grew by 1 per cent to 13,651 units. Kia Motors also witnessed recovery in the Indian car market and sold 10,845 unit last month.