NEW DELHI: Demand for passenger vehicles (PVs) remains high as top original equipment manufacturers (OEMs) reported healthy growth in February sales. While Maruti Suzuki (MSIL) reported nearly 10% growth in domestic sales, February dispatches of carmakers such as Tata Motors, Mahindra and Hyundai grew by 7-10%. As per industry estimates, overall PV dispatches crossed 3.35 lakh units in February. This was the highest-ever overall wholesales in the month of February.
MSIL senior executive officer, marketing & sales, Shashank Srivastava said in the April-February period this fiscal, the overall industry sales have gone up to 35.5 lakh as compared with 27.47 lakh units in the corresponding period last financial year. “In this fiscal, MSIL already dispatched 15.08 lakh units, a growth of 23% from 12.27 lakh units in the April-February period of last fiscal,” he noted.
Srivastava, however, said there has been some impact on demand for new cars due to an increase in interest rates by banks and other NBFCs. Maruti Suzuki sold 147,476 units of PVs in the domestic market last month as compared to 133,948 sold in February 2022. Hyundai Motor registered domestic wholesales of 47,001 units in February 2023, up 7% year-on-year (YoY).
While Tata Motors’ PV domestic sales, including electric vehicles, in February 2023 stood at 42,862 units as against 39,981 units in February 2022, SUV major Mahindra & Mahindra’s PV sales stood at 30,358 units (up 10% YoY) in February.
