Maruti Suzuki's SUV Fronx. (Photo | Maruti Suzuki)
Maruti Suzuki's SUV Fronx. (Photo | Maruti Suzuki)

Festive cheers for carmakers in August

Following the strong set of numbers, shares of MSIL soared 4% to hit a fresh record high of `10,397.95 on Friday.

NEW DELHI: Carmakers reported robust sales figures in the domestic market in August on account of the festive season in South India (Onam in Kerela). In August 2023, the country’s largest carmaker Maruti Suzuki (MSIL) reported one of its highest-ever monthly sales volumes, totalling 189,082 units, up 14.5% from the same month a year ago. In the domestic market, passenger vehicle (PV) dispatches for Maruti stood at 156,114 units in August 2023 as against 134,166 units in August 2022, a jump of 16%.  

Following the strong set of numbers, shares of MSIL soared 4% to hit a fresh record high of `10,397.95 on Friday. Sales in MSIL’s utility vehicle segment more than doubled to 58,746 units, reflecting strong demand for its newly launched models such as Grand Vitara, Jimny and Fronx. Hyundai Motor (HMIL) reported a strong set of numbers in August with its domestic sales growing 9% year-on-year to 53,830 units and exports growing 39% to 17,605 units. The carmaker expects the sales momentum to continue during the peak festive season. 

“Festival season in India has kicked off on a positive note with strong Onam sales in Kerala and this is an indication of the festive fervour in other parts of the country in the coming months. Demand for SUVs in our portfolio remains robust, contributing over 60% to our domestic sales in August. EXTER continues to excite customers, with over 65,000 bookings received by HMIL so far,” said Tarun Garg, COO, of Hyundai Motor India. 

UV major Mahindra & Mahindra and Toyota Kirloskar Motor had a favourable August. M&M reported its highest-ever sales in a single month at 37,270 units in the domestic market while Toyota sales grew 53% to 22,910 units. “While demand for our key SUV brands continues to be strong, we are keeping a close watch on the availability of semi-conductors and select parts, for sustained and smooth scaleup,” said Veejay Nakra, President, the automotive division of M&M. 

Tata Motors was the only major carmaker which reported a fall in dispatches in August. Its domestic sales (including EV) stood at 45,513 units in August 2023 as against 47166 units in August 2022, a fall of 3.5%. In the two-wheeler market, Hero MotorCorp, TVS and Honda (HMSI) reported modest growth in sales. Bajaj Auto’s domestic two-wheeler sales, however, fell by 31% YoY in August. 

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