Hyundai Creta sales

Maruti Suzuki, Hyundai, Tata Motors sales decline, festive season sales slump

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The heady days of high single-digit growth may just be behind for the Indian passenger vehicle industry. If the wholesales numbers for August 2024 released by some carmakers are any indication, then the month has not been as impressive as the year-ago August. In August 2024, the combined dispatches of seven carmakers at 336,457 units are down 1 percent year-on-year.

The industry’s overall performance in August can be attributed to a combination of tepid consumer demand and high levels of inventory at dealers, which carmakers are now rationalising.

A glance at the data table below reveals 4 of the 7 carmakers recorded YoY decline. When the top three carmakers register such YoY declines, it is but natural that overall industry growth will be impacted. From the look of the seven carmaker’s factory dispatches in August, it’s clear that prudent inventory control has been in place.

August 2024 new car, SUV sales
Carmaker August ’24 August ’23 Change
Maruti Suzuki 1,43,075 1,56,114 -8%
Hyundai 49,525 53,830 -8%
Tata Motors 44,142 45,513 -3%
Mahindra 43,277 37,270 16%
Toyota 28,589 20,944 37%
Kia 22,523 19,219 17%
Honda 5,326 7,880 -32%
Total 3,36,457 3,40,770 -1%

Maruti Suzuki

August 2024: 143,075 units, down 8 percent

August 2024 marks the second straight month of decline for Maruti Suzuki. At 143,075 units, August 2024 dispatches were down 8 percent on year-ago 156,114 units. The rate of decline would have been higher if it weren’t for the sustained demand for its pack of utility vehicles. Both in August as well as in April-August, UVs is the sole sub-segment in positive territory for Maruti Suzuki. 

Despite the slashing of prices for the Alto and S-Presso budget hatchbacks, demand continues to be lukewarm. August sales for these two models at 10,648 units was down 13 percent YoY. Things are not very different in the six-hatchback portfolio of the Baleno, Wagon R, Swift, Celerio, Dzire, Tour S and Ignis. August dispatches at 58,051 units are down 20 percent YoY. This is the lowest for this lot in the past four months. Demand for the company’s sole sedan – the Ciaz – as well as the Eeco van is down.

Hyundai

August 2024: 49,525 units, down 8 percent

Hyundai’s August 2024 dispatches have the same rate of decline as Maruti Suzuki: down 8 percent YoY. Hyundai has reported dispatches of 49,525 units compared to 53,830 units in August 2023. This is the third month in the ongoing fiscal year that Hyundai’s monthly sales have dipped below the 50,000 mark.

SUVs continue to provide the bulk of the sales for Hyundai, with the Creta, Venue and Exter SUVs being the growth drivers. The facelifted Creta is especially seeing unprecedented demand and recently cruised to the 100,000-unit sales mark in just six months. This makes it the fastest in its segment to hit the 100,000 milestone and in half the time the Maruti Grand Vitara took.

Tata Motors

August 2024: 44,142 PVs – down 3 percent / 5,935 EVs, down 5 percent

Tata Motors has reported total dispatches of 44,142 units including 5,935 EVs, in August 2024, down 3 percent YoY. This is the third straight month of sales decline for the company and reflects the current dampened market sentiment. Like Maruti Suzuki and Hyundai, Tata is feeling the heat but the company hopes the recently launched Tata Curvv SUV-coupe will add some fizz to sales in the coming months.

Meanwhile, the Punch compact SUV continues to make waves — the Punch outsold the Maruti Wagon R to be India’s best-selling model in the January-July 2024 period. Additionally, with the expanding CNG filling infrastructure across the country, Tata Motors, like Maruti Suzuki, is benefiting from growing demand for its CNG models.

As for EVs, the company dispatched 5,935 units in August 2024, down 5 percent YoY but up 18 percent on July 2024’s 5,935 units. Last month, Tata Motors’ EV penetration level was 13 percent. The company’s share of the electric passenger vehicle market, which was not too long ago upwards of 75 percent, has been continually reducing, reflecting the growing competition from rival carmakers and increased product choice for buyers.

Mahindra

August 2024: 43,277 units, up 16 percent YoY

Contrary to the top three carmakers, Mahindra’s August 2024 wholesales of 43,277 units are its best monthly numbers since October 2023’s 43,708 units and a 16 percent YoY increase (August 2023: 32,270 units). This marks the eighth month in a row that Mahindra has surpassed the 40,000-unit dispatches mark.

August 2024 would also have seen Mahindra’s flagship SUV, the XUV700, drive past the 200,000 sales milestone in the domestic market. Last month also saw the company launch the all-new Thar Roxx. Demand for Mahindra’s SUVs continues to be strong and as of August 1, 2024 (and May 15 for the recently launched XUV 3XO), Mahindra had total open bookings of 220,000 units.

Mahindra is benefiting from its substantially ramped-up production at its factories. On June 14, Mahindra confirmed that it plans to further increase production capacity to 64,000 units per annum or 768,000 units per annum by end-FY2025 and 72,000 units a month / 864,000 units per annum by end-2026.

Toyota

August 2024: 28,589 units, up 37 percent

Toyota is maintaining its growth trajectory that it has shown since the beginning of the year. In August, the company dispatched 28,589 units – its second-best monthly performance in FY2025 to date – which makes for strong 37 percent YoY growth.

Toyota’s rapid growth trajectory is reflected in its cumulative dispatches in the first five months of FY2025 – the 126,456 units are a 36 percent YoY increase and constitute 51 percent of FY2024’s record 244,940 sales. With seven months left to go in FY2025, Toyota is well placed to achieve the 300,000 sales milestone for the first time in a fiscal year.

Along with strong demand for its own models, the company is also benefiting from sustained demand for the clutch of rebadged models. In the April-July 2024 period, these Maruti Suzuki-rebadged models accounted for 52 percent of the company’s sales. What has also given Toyota a new charge in the competitive marketplace is its ramped-up production and customer-friendly initiatives.

Kia

August 2024: 22,253 units, up 17 percent

Kia India has registered its best monthly performance in the current fiscal in August 2024: 22,523 units, up 17 percent YoY (August 2023: 19,219 units). What is giving Kia strong sales momentum is the continuing demand for the Sonet compact SUV that was updated in January this year.

In August with 10,073 units, the Sonet clocked five-figure sales for the second time this year, after January’s 11,530 units. The Seltos with 6,536 was next, followed by the Carens MPV (5,881 units) and the all-electric EV6 (33 units). Kia India’s cumulative April-August 2024 sales at 103,798 units are up 3 percent YoY. The Sonet, which has outsold the Seltos for eight straight months this year, accounts for 44,682 units or a 43 percent share. The all-electric EV6 has sold 99 units in the same period.

Honda

August 2024: 5,326 units, down 32 percent

Honda Cars India, which retails the Amaze and City sedans along with the Elevate midsize SUV, dispatched 5,326 units in August, down a substantial 32 percent YoY (August 2023: 7,880 units). The April-August 2024 count at 23,927 units is also down – by 14 percent.

While the Elevate midsize SUV has been instrumental in bringing Honda Cars India back in the game, particularly in the booming SUV segment where it was missing on the action big time, sales have slowed down in the past few months.

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