Revving loudly: Automakers end January with record sales

Car engines are revving up like never before. The country’s top automakers have come up with the best monthly domestic sales in January recording a 13% rise in the number of cars sold.  Cumulative sales stood at 394,571 – 2,760 cars more than the earlier monthly peak of 391,811 units recorded in October last year.

The three biggest manufacturers, Maruti Suzuki, Tata Motors and Hyundai Motor India notched up high sales figures in the first month of the calendar year.

Maruti Suzuki led the pack with a sale of 166,802 vehicles. It was a good 13% rise compared to the numbers sold in January 2023. “Industry stocks were low at the start of the month which prompted dealers to restock. While demand parameters are stable, February onwards we will see the direction the market is moving”, Shashank Srivastava, senior executive officer (marketing and sales) of Maruti Suzuki told The Economic Times.

The passenger-to-commercial vehicles major Tata Motors registered a 12% rise in sales to 53,633 units. Mahindra’s January sales galloped by 30% to 43,068 vehicles.

Toyota Kirloskar Motor (TKM), too, witnessed highest monthly sales of 23,197 vehicles in January. The sales of Honda Cars India rose by 11% to 8,681 vehicles. “Entering the new year, our models have consistently contributed to our sales volume, reflecting a positive demand for our lineup,” said Yuichi Murata, director of marketing and sales at Honda Cars India.

The number of vehicles dispatched by Hyundai Motor India increased 14% in January. The company ended January with a sale of 57,115 units, which is a record. “Hyundai Motor India has begun 2024 on a rousing note achieving its highest ever monthly domestic sales of 57,115 units with 14% growth over same period last year,” Tarun Garg, chief operating officer of the company told the newspaper. He expressed guarded optimism at the auto sector continuing its momentum this year too.

Hyundai relaunched its popular model CRETA which registered nearly 50,000 bookings within a month of the announcement.

However, sales were indifferent in the commercial vehicle segment. Segment leader Tata Motors managed to sell 30,643 vehicles in January, recording a decline of 3% over 31,694 units it sold in January 2023.

Tractors too performed poorly like the commercial vehicles sector. Mahindra Tractors sales went down 17% to sell 22,972 units in January. “Retail momentum slowed down on account of tapering of agricultural activities. Rabi crop output is expected to be good with prevailing l cold conditions helping the key crop of wheat. Government announcement of a good estimate of Horticulture production, and continued government support to boost rural economy will aid positive sentiments and support tractor demand in the coming months,” said Hemant Sikka, president – farm equipment sector, Mahindra & Mahindra.

Two-wheeler sale in January enjoyed a growth that was led by Honda Motorcycle & Scooter India registering a growth of 38% to sell 382,512 units in the domestic market. Volumes of TVS Motor Company rose 24% to 268,233 units.