Hyundai Motor India has reclaimed its position as the second-largest passenger vehicle manufacturer in India, after briefly losing the spot to Tata Motors in February 2024.
In March 2024, Hyundai's domestic sales rose by 5% to 53,001 units, compared to 50,600 units in the same period last year. This comes after a surprising dip in February when Hyundai sold just 50,201 units, allowing Tata Motors to overtake it with 51,321 units.
In comparison, Tata Motors' passenger vehicle division, which includes sales from Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, recorded sales of 50,297 units in March 2024, up 14% from 44,225 units in March 2023.
The recent launch of the Creta Facelift in India generated significant demand for the SUV in the first month, but the hype seems to have subsided, resulting in lower sales in February. However, Hyundai's strong performance in March helped the company regain its position in the market.
Unlike Tata Motors, Hyundai also gets decent volumes from exports. In March, exports saw significant growth of 16% to 12,600 units, compared to 10,900 units in the year-ago period. This strong export performance further solidifies Hyundai's position in the Indian automotive market.
Coming to full-year numbers, Hyundai Motor India achieved its best-ever sales of 7.78 lakh units, marking an 8% increase over the 7.21 lakh units sold in FY 2022-23.
In the domestic market, Hyundai dispatched 6.15 lakh units to its dealers, an 8% increase from the 5,67,546 units in FY 2022-23. Exports also grew by 7% to 1.63 lakh units.
In comparison Tata Motors' passenger vehicle sales stood at 5.73 lakh units, up 6% from FY 2023.
Tata Motors' Overall Performance
Tata Motors, as a company, registered total sales of 90,822 units in March 2024, a 2% increase compared to 89,351 units in March 2023. For the entire Q4 FY24, Tata Motors recorded sales of 2,65,090 units, a 5% increase from 2,51,822 units in Q4 FY23.
The commercial vehicle (CV) segment saw a decline in March 2024, with total CV sales of 42,262 units, down 10% from 46,823 units in March 2023. Domestic CV sales stood at 40,712 units, a 10% decrease compared to 45,307 units in the same month last year.
For the full financial year, Tata Motors' CV sales totaled 3,95,845 units, a 4% decrease from FY 2023. The company attributed the moderation in sales growth to a high base, elections across 5 states in Q3 FY24, and upcoming general elections in Q1 FY25.
In Q4 FY24, Tata Motors' CV sales stood at 1,09,439 units, a 6% decline from 1,16,168 units in Q4 FY23. Girish Wagh, Executive Director of Tata Motors, stated that the demand for commercial vehicles is expected to improve from the latter half of Q2 FY25, driven by promising GDP growth outlook, government incentives, and a focus on infrastructure-related developmental projects.
Tata Motors' EV Sales
Tata Motors' electric vehicle (EV) sales, which include both domestic and international business, grew by 4% to 6,738 units in March 2024, compared to 6,509 units in March 2023. For Q4 FY24, the company sold 20,640 EV units, registering a strong 29% growth compared to Q4 FY23.
In the full financial year FY 2024, Tata Motors' EV sales grew by 48% to 73,833 units, compared to 50,043 units in FY 2023. However, the company fell short of its target of reaching 100,000 EV units during the year.
Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., noted that the EV segment is projected to post robust growth of 70% for the Indian market as a whole in FY24 compared to FY23, driven by multiple new launches, growing charging infrastructure, significantly lower operating costs, and increasing environmental consciousness among customers.
The company has been investing heavily in the development of new EV models, expanding its charging infrastructure, and collaborating with stakeholders to create an ecosystem that supports the adoption of electric vehicles in India.