Driven by the festive season and heightened consumer demand fueled by substantial discounts in a sluggish market, passenger vehicle (PV) makers reported robust sales in October 2024. Experts noted that retail sales during this month significantly outpaced wholesale figures, as automakers moderated production to manage high dealer inventories.
Maruti Suzuki India Limited (MSIL), the country’s largest carmaker, reported record-high wholesale sales of 206,434 units for October 2024, marking its highest monthly volume ever. This total includes 163,130 domestic sales, 10,136 units sold to other OEMs, and a record 33,168 units in exports.
While MSIL’s domestic PV wholesales reached 159,591 units, down 5% from 168,047 units in October last year, retail sales data from the government’s Vahan dashboard indicated over 196,000 unit registrations across India (excluding Telangana) last month. The company on Tuesday stated that retail sales during the festive period (from the end of Shraadh to Diwali) grew by 14 percent.
Hyundai Motor India Limited (HMIL) achieved total wholesales of 70,078 units, comprising 55,568 domestic units (up 1 percent year-on-year) and 14,510 units in exports (up 7 percent). October marked Hyundai’s third-highest domestic and overall monthly sales since its entry into the Indian market. Vahan data indicated Hyundai’s retail sales for the month were close to 66,000 units.
Tarun Garg, Whole-time Director and Chief Operating Officer at HMIL, commented, “We witnessed strong demand for our SUV portfolio during the festive period, resulting in our highest-ever monthly SUV sales at 37,902 units, including record sales of the Hyundai CRETA at 17,497 units.”
Tata Motors recorded stable domestic PV wholesales year-on-year, with 48,131 units in October 2024 compared to 48,337 units in October 2023. However, its EV sales declined by 2 percent year-on-year, totaling 5,355 units.
Mahindra & Mahindra (M&M) continued to shine, selling 54,504 units in the domestic market, a 25 percent increase year-on-year, with overall sales, including exports, reaching 55,571 units. Veejay Nakra, President of M&M’s Automotive Division, noted, “The month kicked off with a bang as the Thar ROXX received 1.7 lakh bookings within the first 60 minutes, and this momentum carried across our SUV portfolio throughout the festive season.”
Toyota Kirloskar Motor (TKM) also performed well, reporting a 41 percent year-on-year sales increase with 30,845 units sold in October 2024. Domestic sales accounted for 28,138 units, while exports contributed 2,707 units. TKM’s retail sales, as per Vahan, came at 27,423 units. Kia India also reported growth in sales. The Korean brand retailed 28,545 units (excluding Telangana) in October 2024, marking a 30 percent year-over-year growth compared to the 21,941 units delivered in October 2023.