Auto sales growth witnesses slowdown in July 2023 

Country’s largest carmaker Maruti Suzuki sold 152,126 units of passenger vehicles (PV) in the domestic market last month as against 142,850 units in July 2022, a marginal growth of 6.50% year-on-year.
Image for representational purposes only. (File Photo | PTI)
Image for representational purposes only. (File Photo | PTI)

NEW DELHI:  Auto sales witnessed a slowdown in July 2023 as top carmakers such as Maruti Suzuki, Hyundai Motor and Tata Motors on Tuesday reported a flat to marginal growth in monthly sales. 
In the two-wheeler segment, Hero MotoCorp and Bajaj Auto, reported a sharp dip in monthly dispatches last month. 

Country’s largest carmaker Maruti Suzuki sold 152,126 units of passenger vehicles (PV) in the domestic market last month as against 142,850 units in July 2022, a marginal growth of 6.50% year-on-year. 
While MSIL’s compact and hatchback sales fell sharply from 105,151 units in July 2022 to 76,692 units in July 2023, demand for its utility vehicles, backed by a slew of SUVs launches, nearly tripled from 23,272 units in July 2022 to 62,049 units last month. 

India’s second and third largest carmakers -- Hyundai Motor (HMIL) and Tata Motors -- however, didn’t see any growth in July sales. Hyundai’s July 2023 sales stood at 50,701 units while Tata Motors sold 47,628 units in July 2023. 

Experts had earlier cited that the passenger vehicle (PV) industry’s wholesale volume growth may grow at just 3% in July owing to fewer takers for smaller cars and consumers waiting for the festive season to make ticket purchases. 

Demand for SUVs, however, remained strong as Mahindra & Mahindra (M&M)’s PV dispatches rose 29% to 36,205 units and Toyota Kirloskar recorded its highest-ever monthly dispatches to 21,911 units.
In the two-wheeler segment, Bajaj Auto and Hero MotoCorp reported a fall of 14% each in July sales, signalling that the demand is yet to recover.

Bajaj sold nearly 1.42 lakh units while Hero MotoCorp’s sales stood at 371,204 units.  TVS Motor and Royal Enfiled, however, reported growth in sales. TVS Motor’s domestic two-wheeler registered a growth of 17% last month to 2,01,942 units while Royal Enfield’s monthly dispatches grew by 42% to 66,062 units. 

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