04-Dec-2023
2 mins read
The auto industry in November 2023 presented a diverse and complex scenario. On the one hand, passenger vehicles showed modest growth, but the true spotlight was on the two-wheeler segment, which made a significant comeback. The overall picture was mixed, characterized by different trajectories for various automakers, with some exceeding expectations while others faced setbacks.
Detailed Performance of Major Automakers
Hero MotoCorp, a leading two-wheeler manufacturer, reported robust sales in November. The company experienced a 25.6% surge in sales, reaching 4.91 lakh units. This upward trend was evident in both domestic and export markets. Domestically, sales grew by 25.4%, totaling 4.76 lakh units, while exports demonstrated a significant 33.1% increase, amounting to 14,764 units.
Eicher Motor, the parent company of Royal Enfield, also experienced growth despite the challenging market conditions. Their total sales surged by 13%, reaching 80,251 units. Interestingly, the export segment of Eicher Motor witnessed a modest increase of 2%, with 5,114 units sold.
Escorts Kubota reported a positive trend in their November auto sales, with a 3.7% year-over-year increase, reaching 8,258 units. This growth signifies the company’s steady performance in a fluctuating market.
Bajaj Auto stood out with a substantial year-on-year growth. The company’s total sales recorded an impressive 31% increase, with the two-wheeler segment contributing significantly to this success. Sales in this segment jumped by 33%, totalling 3.49 lakh units.
Mahindra and Mahindra’s total auto sales came close to the estimates, recording 70,576 units.
Maruti Suzuki saw a slight increase in their sales, reaching 1.64 lakh units, a figure that was just shy of the estimated 1.67 lakh units.
TVS Motor reported total sales of 3.64 lakh units that is slightly below the estimated 3.72 lakh units. The company’s motorcycle sales surged 19% year-over-year, reaching 1.73 lakh units. However, their 3-wheeler segment saw a decline of 10%.
Ashok Leyland faced a dip in their sales, with a 3% decline in total sales to 14,053 units. The medium and heavy commercial vehicle (M&HCV) sales also dropped by 10%.
Eicher Motors saw an increase in their commercial vehicle sales, up by 5.9% at 5,194 units, while Tata Motors’ sales fell below expectations, with a total of 74,172 units, missing the estimated 75,100 units.
Overview
| Company | Total Sales (2023) | Total Sales (2022) | Year-on-Year Change |
| Hero MotoCorp | 4.91 lakh units | 3.90 lakh units | 25.60% |
| Eicher Motor | 80,251 units | 70,766 units | 13% |
| Escorts Kubota | 8,258 units | 7,960 units | 3.70% |
| Bajaj Auto | 4.03 lakh units | 3.06 lakh units | 31% |
| Ashok Leyland | 14,053 units | 14,561 units | -3% |
| Eicher Motors (CV) | 5,194 units | 4,903 units | 5.90% |
This comprehensive report paints a vivid picture of the automotive industry’s performance in November 2023, showcasing the highs and lows experienced by leading automakers.