NEW DELHI: The country’s top three carmakers -- Maruti Suzuki (MSIL), Hyundai Motor (HMIL) and Tata Motors -- reported record sales for the financial year 2023 amid a plethora of new launches, especially in the sports utility segment (SUV).
Maruti Suzuki on Saturday reported cumulative domestic sales of about 17 lakh units in FY23, an annual growth of 21 per cent. Shashank Srivastava, MSIL senior executive officer, marketing and sales, said the record sales were achieved despite the chip shortage continuing to impact the production activity. On the overall passenger vehicle (PV) industry volume, Srivastava said the total industry sales in the last fiscal rose to 38.89 lakh units, an increase of 27 per cent from 30.69 lakh units in 2021-22.
The industry sales were expected to rise to 4.05-4.10 million in the current fiscal, he added. “We expect the industry growth to be in the range of 5-7 per cent this fiscal and the company would like to perform better than the industry,” Srivastava said. He noted that with models like Jimny and Fronx in its kitty, the company expects to corner 25 per cent of the SUV market in the current fiscal.
Korean carmaker Hyundai posted its best-ever annual domestic volumes at 567,546 units in FY23, a rise of 18 per cent y-o-y. “Despite global headwinds, we see momentum in the Indian auto industry backed by a strong India growth story led by Gen MZ,” said Tarun Garg, Chief Operating Officer at HMIL.
Tata Motors, which reported its highest-ever annual sales last fiscal, narrowed its gap with Hyundai for the second spot position in the Indian car market. The difference between the two was a meagre 29,000 units in FY23. Tata Motors sold 5,38,640 units in FY23, up 45 per cent YoY.