As per industry estimates this is an increase of 11.3% over 335,324 units sold in the same period last fiscal. February 2024 was the third best month for passenger vehicle sales recorded in the domestic market ever. The highest-ever wholesale in a month was in January 2024 at 3,94,500 units, followed by October 2023 at 3,91,811 units.
Automakers in India mostly report wholesale dispatches from factories to dealerships and not retail sales to customers.
Market leader Maruti Suzuki grew volumes by around 9% to sell 160,271 units in the month under consideration. Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki, said, “This is the 14th straight month that monthly sales breached the best-ever mark. Demand continued to be strong for SUVs, which now account for a little over half of all passenger vehicles sold in the country.”
While retail sales too are estimated to have gone up by 11.3% to 335,900 units last month, higher dispatches added on to stocks. Inventory in the channel now stands at about 300,000 units.
Even as homegrown auto major Tata Motors raced marginally ahead of Hyundai Motor India selling 51,267 vehicles last month; the Korean auto major increased wholesale volumes by 6.8% to 50,201 units in February powered by demand for the new Creta, which sold a record 15,276 units during the month. Tarun Garg, Chief Operating Officer (COO), at Hyundai Motor India, said, demand continues to be strong, especially for SUVs, which now comprise 67% of total sales in the company.At Mahindra & Mahindra (M&M), sales rose 40% to 42,401 units last month. Toyota Kirloskar Motor (TKM) reported record monthly sales of 23,300 units in February.Sabari Manohar, vice-president (sales-service-used car business), TKM said, “ With this month recording the highest monthly sales, we continue to witness rising demand coupled with good customer enquiries from across the regions. Notably, the SUV and MUV models are at the forefront of this demand surge.”
Ditto, Honda Cars India which has been growing volumes steadily post the launch of SUV Elevate. Yuichi Murata, Director (marketing & sales), Honda Cars India said, “Our performance in February has been as per our plan. The Honda Elevate maintains its strong performance, further strengthening its presence in the market.”
In the commercial vehicle segment though, sales remained under pressure with market leader Tata Motors reporting a decline of 4% to sell 33,567 units in the domestic market in February. Chennai-based Ashok Leyland too sales dip 6% to 16,451 units in Feb.
Sales of two-wheelers remained robust with companies across board posting healthy sales numbers. While Hero MotoCorp saw sales go up by about 17% to 445,257 units in the month under review, rival Honda Motorcycle & Scooter India (HMSI) grew volumes 82% to 413,967 units.
Tractor sales remained weak last month with market leader Mahindra reporting 18% decline in volumes at 20,121 units. Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said “(While) Southern and western states continue to face agri stress due to erratic and deficient monsoon. Rabi crop outlook is very good, with wheat crop likely to be a bumper crop. Harvesting has started in a few states with the government supporting early procurement of wheat crop. Continued government support through various rural schemes and enhanced institutional credit will further help boost tractor demand going forward.”