Passenger Vehicle Sales Surge in July with Maruti and Hyundai Achieving Record Dispatches
India’s passenger vehicle industry experienced a robust performance in July, with domestic dispatches rising approximately 33% year-on-year to nearly 4.7 lakh units. Major manufacturers, including Maruti Suzuki and Hyundai, contributed significantly to this growth, alongside strong sales from Tata Motors and Mahindra & Mahindra. The surge in demand is attributed to supportive measures such as GST 2.0, lower repo rates, and income tax relief for individuals earning up to Rs 12 lakh.
Maruti and Hyundai set new records
Maruti Suzuki led the market with record domestic sales of 1,96,203 units in July, a 43.4% increase from 1,37,776 units in the same month last year. Partho Banerjee, senior executive officer of marketing and sales at Maruti Suzuki, noted that the company experienced growth across all segments, from entry-level cars to SUVs, with strong demand for CNG models. Hyundai Motor India Ltd also achieved its best-ever monthly sales, dispatching 54,210 units, up 23.3% from the previous year. Tarun Garg, MD and CEO of HMIL, emphasized the trust consumers place in the Hyundai brand.
Tata Motors Passenger Vehicles Ltd reported a significant 58% increase in domestic sales, reaching 62,611 units in July compared to 39,521 units a year earlier. Mahindra & Mahindra also saw healthy growth, with domestic utility vehicle sales rising 20% to 60,048 units. Honda Cars India Ltd recorded domestic sales of 6,014 units, reflecting a growth of over 48% compared to July last year.
Momentum remains strong
Global car manufacturers also reported strong sales figures. Toyota Kirloskar Motor posted domestic sales of 30,516 units in July, a 5% increase from 29,159 units in the same month of 2022. Kia India achieved wholesale dispatches of 28,200 units, marking a 27.4% increase over 22,135 units a year ago, which the company noted as its best-ever July performance. JSW MG Motor India reported its highest-ever monthly wholesale volumes, dispatching 8,158 units, up 22% year-on-year. Nissan Motor India Pvt Ltd more than tripled its domestic wholesale volumes, reporting 4,518 units in July compared to 1,420 units in the same month last year.
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