02-Aug-2024
2 mins read
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As a new month begins, major car companies in India are sharing their sales numbers for July. Here we have covered top auto sector giants like Tata Motors, Maruti Suzuki, Mahindra, Hyundai, Toyota. Investors and market experts pay close attention to these numbers to understand how well the auto industry is doing.
Also Read | Auto Sales Highlights for June 2024: Maruti Suzuki, Mahindra, Tata Motors
Tata Motors Sees Decline
Tata Motors sold 44,954 passenger vehicles in July, which is 6% less than last year on year. Their electric car sales also dropped by 21%, with only 5,027 units sold. This marks the fourth month in a row that Tata's electric vehicle sales have gone down.
Mahindra's Mixed Results
Mahindra sold 41,623 vehicles in India during July, which is 15% more than last year. However, their exports fell by 40% compared to July 2023. This shows that while Mahindra is doing well in India, they're struggling in other countries.
Maruti Suzuki's Sales Dip
Maruti Suzuki's total sales dropped by almost 4%, selling 175,041 vehicles in July 2024. In India, they sold 137,463 passenger vehicles, which is 9% less than last year. However, their exports grew, with 23,985 vehicles sent to other countries.
Hyundai's Slight Decrease
Hyundai Motor India reported a 3% drop in their total sales, selling 64,563 vehicles in July. They sold 49,013 vehicles in India, which is 3.3% less than last year. Their exports also went down by 2.81%, with 15,550 vehicles sent abroad.
Toyota's Record Month
Toyota Kirloskar Motor had its best month ever, with a 44% increase in sales. They sold 31,656 vehicles in July, compared to 21,911 in July 2023. The company says this success is due to better operations and improved supply for some popular models.
Conclusion
July 2024 showed mixed results for India's auto industry. While some companies like Toyota and Mahindra saw growth in domestic sales, others like Tata, Maruti Suzuki, and Hyundai faced declines. The electric vehicle market also seems to be facing challenges. These varying outcomes suggest that the auto sector is dealing with both opportunities and hurdles as it moves forward.
Also Read | Hyundai Motor India Gearing Up For IPO; Company Plans to File DRHP in June