NEW DELHI: Monthly passenger vehicle (PV) dispatches hit an all-time high of over 3.90 lakh units in October 2023 as buyers flocked showrooms during Navaratri and Dussehra.
According to data issued by carmakers, overall PV wholesales in October rose to 391,472 units, up 16% from 336,679 units in the same month last year.
“This is the highest ever monthly sales we have seen in the Indian PV industry in any year in any month,” said Maruti Suzuki Senior Executive Officer (Marketing and Sales) Shashank Srivastava. He added that improvement in the availability of semiconductors helped the industry ramp up production to meet the demand while brisk business during the peak festival period of Navratri helped in the volume growth.
Srivastava noted that going forward, they are expecting strong sales in the first 15 days of November, especially around the time of Dhanteras and Diwali.
Maruti Suzuki reported a 19.74% growth in domestic PV sales at 168,047 units in October 2023. This is the highest ever number for the company in any year in any month. Maruti’s total volume, including exports, nearly touched 200,000 units last month. Hyundai (HMIL) registered total sales of 68,728 units in October 2023, up 18% year-on-year. Its domestic sales stood at 55,128 units, up 15%. Tarun Garg, COO of HMIL said, “The recent announcement of standardizing 6 airbags across all Hyundai models and variants has been extremely well received by our valued customers”.
India’s third largest carmaker- Tata Motors- reported a growth of 7% in domestic PV sales at 48,337 units in October 2023. SUV major Mahindra & Mahindra sold 43,708 vehicles in the domestic market, its highest ever and a growth of 36%.
Two-wheeler sales also witnessed significant recovery with top OEMs such as Hero MotoCorp, Honda 2Wheelers, TVS Motor, Bajaj Auto and Royal Enfield reporting robust growth numbers. Hero said that it expects the demand to remain optimistic on the back of the recent product launches in the premium segment and the ongoing festive season.