How Did Four-Wheeler OEMs Fare in May’24?
May 2024’s Indian car sales data is now available, offering insights into industry performance. While industry growth projections for 2024 were already modest due to a strong sales year in 2023, factors like elections and high temperatures in May; may have further impacted sales figures. Let’s examine how major automakers fared in this context.
Maruti Suzuki:
Maruti Suzuki, India’s largest automaker, reported mixed sales results for May 2024. Overall wholesale sales declined slightly by 2.0% year-over-year, reaching 1,74,551 units. However, domestic sales exhibited a positive trend, growing 4.0% to 1,57,000 units compared to May 2023.
Whereas, exports experienced a significant drop of 34.4%, falling to 17,367 units from 26,477 units sold in the same month last year.
Hyundai Motor India:
Total sales for Hyundai Motor India in May 2024 reached 63,551 units, representing a 6.63% increase year-over-year. However, the growth originated primarily from exports, which jumped 31% to 14,400 units compared to May 2023. Domestic sales witnessed a modest increase of 1.13%, reaching 49,151 units.
SUVs remained the company’s strongest segment, accounting for roughly 67% of total passenger vehicle sales in May 2024. The Hyundai Creta was the top-selling model, with 14,662 units shipped during the month
TATA motors:
Tata Motors reported a positive performance in May 2024, achieving a 2% year-on-year increase in total sales, reaching 76,766 units compared to 74,973 units in May 2023. This growth was driven by a 2% rise in domestic sales, totaling 75,173 units sold in May 2024 against 73,448 units the previous year.
While passenger vehicle sales witnessed a modest increase, it’s important to note a 4% decline in electric vehicle sales compared to May 2023 (5,558 units vs 5,805 units). However, Tata Motors saw a significant 257% surge in exports during May 2024 to 386 cars.
Mahindra:
Mahindra & Mahindra’s total vehicle dispatches for May 2024 reached 71,682 units, a 17% rise year-over-year. Passenger vehicle sales grew 31% to 43,218 units in May 2024 compared to May 2023. This marks the fifth consecutive month that SUV dispatches surpassed the 40,000-unit mark!
It’s worth noting that all reported sales were for SUVs, including the recent launch of the Mahindra XUV3XO.
Toyota:
Toyota Kirloskar Motor reported a stellar performance in May 2024, achieving a 24% year-on-year sales increase. With 25,273 units sold compared to 20,410 units in May 2023, Toyota solidified its position in the Indian market and even exported 1314 units.
Kia India:
Kia India sold 19,500 units in May 2024, reflecting a year-on-year (YoY) increase of 3.9% compared to 18,766 units sold in May 2023. This continued growth highlights Kia’s strong position in the Indian market.
MG Motor India:
MG Motor India’s May 2024 sales figures show a slight decline compared to May 2023. The company sold 4,769 units last month, a 4.73% year-on-year (YoY) decrease from the 5,006 units sold in May 2023.
However, there’s a positive sign when looking month-over-month (MoM). MG’s sales rose from 4,485 units in April 2024 to 4,769 units in May 2024, reflecting a 6% growth. (36 per cent of which were EV sales.)
Honda India:
Honda India reported strong overall sales figures for May 2024, reaching 11,343 units. This represents a significant increase compared to May 2023’s sales of 5,247 cars. However, a closer look reveals a trend towards exports.
In May 2024, Honda India saw a surge in exports, exceeding 6,500 cars. This includes the Elevate model, manufactured in India and sold in Japan as the WR-V. While domestic sales likely increased, the headline figure is largely driven by this export growth.
The post How Did Four-Wheeler OEMs Fare in May’24? first appeared on Motoroids.