Major automakers such as Maruti Suzuki, Hyundai, and Tata Motors have announced strong sales figures for February, largely driven by sustained demand for sports utility vehicles (SUVs). Alongside, Mahindra & Mahindra, Toyota Kirloskar Motor, and Honda Cars also experienced increased vehicle dispatches to dealers throughout the previous month.
February marked the third-highest sales month on record for the industry. January of this year witnessed the highest-ever wholesale of passenger vehicles in a single month, with 394,500 units dispatched. This was followed closely by October 2023, recording wholesales of 391,811 units.
Maruti Suzuki India reported a 9 per cent increase in total domestic passenger vehicle sales for February, reaching 160,271 units compared to 147,467 units in the same period last year.
Notably, sales of utility vehicles, including models such as Brezza, Ertiga, Grand Vitara, and XL6, surged by 82 per cent to 61,234 units, up from 33,550 units in February 2023. However, mini segment car dispatches, comprising models like Alto and S-Presso, declined to 14,782 units from 21,875 units in February 2023.
Similarly, sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, saw a 10 per cent drop to 71,627 units compared to 79,898 units in the same month last year.
In a virtual press briefing, Maruti Suzuki India’s Senior Executive Officer (Marketing and Sales), Shashank Srivastava, highlighted that February marked the best-ever monthly sales performance for the passenger vehicle industry, continuing a streak of 14 consecutive months of record sales.
Srivastava also mentioned that the company surpassed 1.6 million sales during the current fiscal year in February, while estimating the industry’s total sales for the fiscal year 2023-24 at 42.1 million units, with SUVs contributing approximately 50.5% of this figure, slightly down from February’s estimate of 51.5 per cent.
Tata Motors claimed the second spot in terms of passenger vehicle sales, with a dispatch of 51,321 units, representing a 19 per cent year-on-year growth compared to February 2023.
Hyundai Motor India reported a 7 per cent increase in domestic wholesales to 50,201 units from 47,001 units in the same period last year. The company’s COO, Tarun Garg, highlighted the continued success of SUV sales, constituting 67% of overall sales in February, with rural sales accounting for 20 per cent of total dispatches.
Mahindra & Mahindra witnessed a 40 per cent year-on-year rise in domestic passenger vehicle sales to 42,401 units in February.
Other automakers such as Toyota Kirloskar Motor, Honda Cars, MG Motor India, Hero MotoCorp, Honda Motorcycle & Scooter India, TVS Motor Company, Royal Enfield, and Suzuki Motorcycle India also reported positive sales figures for February, indicating a promising trend across the automotive industry.
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