New Delhi: Major automakers Maruti Suzuki, Hyundai, and Tata Motors posted impressive sales figures in February, driven by sustained demand for sports utility vehicles.
Maruti, Hyundai, Tata Motors register robust sales in Feb on strong SUV demand
Mahindra & Mahindra, Toyota Kirloskar Motor, and Honda Cars experienced increased vehicle deliveries to dealers last month. February marked the industry’s third-best sales month ever.
The record for the highest number of passenger vehicles sold in a month was set in January this year, with 394,500 units dispatched. This was closely followed by October 2023, which saw 391,811 units sold.
Maruti Suzuki India reported a 9% increase in total domestic passenger vehicle sales, reaching 160,271 units in February compared to 147,467 units from the same month last year.
Sales of utility vehicles, such as Brezza, Ertiga, Grand Vitara, and XL6, surged by 82% to reach 61,234 units last month, up from 33,550 units in February 2023. On the flip side, shipments of mini segment cars like Alto and S-Presso dwindled to 14,782 units, down from 21,875 units in February 2023.
Similarly, sales of compact cars, encompassing Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, saw a 10% dip to 71,627 units from 79,898 units in the same month last year. During a virtual press conference, Shashank Srivastava, Senior Executive Officer (Marketing and Sales) at Maruti Suzuki India (MSI), highlighted the passenger vehicle industry’s record-breaking monthly sales performance in February.
“The streak of record-breaking monthly sales extended for the 14th consecutive month,” he pointed out.
The automotive giant surpassed the 1.6 million sales milestone in February of the ongoing fiscal year, as stated by Srivastava.
“For the fiscal year 2023-24, the industry projects 42.1 lakh units, with SUVs accounting for approximately 50.5% – slightly down from February 2024’s estimate of 51.5%,” as stated by the source.
Srivastava highlighted that SUVs currently represent 21.5% of the company’s overall sales and are expected to experience a slight increase in March.
“So, we might fall short of the 24 per cent mark, which we had set for this fiscal year,” he noted.
Tata Motors secured the second spot in passenger vehicle sales last month, dispatching 51,321 units with a notable 19% year-on-year growth from February 2023. Hyundai Motor India also saw a 7% increase in domestic wholesales, reaching 50,201 units compared to 47,001 units the previous year.
According to Hyundai Motor India’s COO, Tarun Garg, the company’s SUV sales are thriving in the local market, now constituting 67% of the total sales in February. Garg highlighted that rural sales contribute 20% to the company’s overall market dispatches.
Also Read: Toyota records highest-ever monthly sales in February
Mahindra & Mahindra reported a 40% surge in domestic passenger vehicle sales, reaching 42,401 units last month compared to 30,358 in February last year.
Toyota Kirloskar Motor achieved a record-breaking monthly wholesale figure of 25,220 units in February, a significant milestone for the company. In the same month, Honda Cars reported domestic sales of 7,142 units, marking a 17% year-on-year growth. MG Motor India saw an 8% increase in retail sales, reaching 4,532 units compared to the previous year.
Hero MotoCorp excelled in the two-wheeler segment with a 19% surge in wholesales, totaling 468,410 units from 394,460 units in the corresponding period.
Honda Motorcycle & Scooter India saw an impressive 86% surge in total sales, reaching 458,711 units in February compared to the previous year.
TVS Motor Company reported a 33% year-on-year increase in wholesales for February, with sales reaching 368,424 units.
Royal Enfield saw a 6% rise in wholesales, reaching 75,935 units in February.
Suzuki Motorcycle India reported a 38% increase in wholesales for February, with 97,435 units sold compared to 70,621 units in the corresponding month last year.
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