02-Jan-2024
2 mins read
The automobile industry’s December 2023 auto sales painted a mixed picture. Passenger vehicles (PVs) and two-wheeler segments continued to rise, while several segments and major market participants displayed different trends.
Passenger Vehicle Segment
The PV industry reached a new high in December, exceeding the previous record of 2,76,000 units set in 2020, with wholesale data reaching 2,87,904 units. Compared to sales of 2,75,653 units in the prior year, this indicates a 4.4% rise. The biggest car maker in India, Maruti Suzuki India Ltd. (MSIL), suffered a decline in sales in December, selling 1,04,778 units, less than the 1,12,010 units it sold in the same month the previous year. All PV categories saw this reduction, with the exception of utility vehicles. Despite this, retail sales numbers were more promising, indicating the companies’ successful inventory management strategies.
Hyundai Motor India vs Tata Motors
In contrast to the previous year’s 38,831 units, Hyundai Motor India Ltd. (HMIL) announced a 10% year-over-year increase in domestic wholesale sales, totalling 42,750 cars. Throughout the year, HMIL sold six lakh units, a 9% increase over the previous year. Tata Motors, on the other hand, continued its trend of exceeding HMIL’s December sales for the second year in a row, reporting a 9% increase in sales with 43,470 units.
Two-Wheelers and Commercial Vehicles Segment
The two-wheeler market had a mixed result, with Royal Enfield’s December sales declining by 4% and Bajaj Auto and TVS Motor posting annual growth. The commercial vehicle segment also displayed a mixed trend in sales for the month.
Tractor Sales
Mahindra & Mahindra (M&M) and Escorts Kubota both reported a 17% drop in sales in the tractor segment, showing difficulties in this specific industry.
The auto sales in December 2023 encapsulate the dynamic nature of the automobile industry. With growth in some areas and declines in others, the industry continues to navigate through a variety of market conditions as it moves into the new year.