NEW DELHI: India’s passenger vehicle (PV) market witnessed a robust July as top 5 carmakers, including Maruti Suzuki (MSIL), and Hyundai Motor, reported growth in monthly sales on the back of new launches and improvement in chip shortage crisis.
The combined domestic PV sales of top carmakers grew 17% in July 2022 to 290,930 units against 248,021 units sold in July 2021. MSIL, country’s largest carmaker, posted a 6.8% growth in July 2022 domestic PV sales to 142,850 units as against 133,732 units in the year-ago period.
While its mini and compact PV sales grew, MSIL’s utility vehicle sales registered a steep fall last month. The firm had last month launched its new Brezza and unveiled Grand Vitara to raise its share in SUV segment.
Hyundai Motor (HMIL) reported a 5.1% increase in domestic sales to 50,500 units in July 2022 as against 48,042 units in July 2021. “With the improvement in semiconductor situation, PV segment is showing positive trends, riding on the green shoots of pent-up demand and customer desire towards personal mobility,” Tarun Garg, director of sales, marketing & service, HMIL, said.
Homegrown auto majors- Tata Motors and Mahindra & Mahindra (M&M) - reported a double-digit growth in sales. Tata Motors reported its highest-ever monthly sales at 47,505 units in July 2022, a growth of 57% year-on-year (YoY), while M&M sold 28,053 vehicles in July 2022, up by 33% YoY. Kia reported a monthly domestic sales of 22,022 units last month, registering a 47% YoY growth.
Two-wheeler domestic sales also saw an improvement in July with Honda (18%), Bajaj Auto (5%) and TVS (15%) registering annual growth. Hero MotoCorp’s domestic sales in July remained flat at 4.30 lakh units. “We anticipate a revival in the 2w wheeler industry in the second half, thanks to the festive season, good monsoon, and increased farm activity. Other positive indicators include increase in EV share and favourable valuation to support growth,” said Saji John, Research Analyst at Geojit Financial Services.