Indian Economy News

Car sales stay on growth track in the first half despite poll, heatwave roadblocks

India's domestic passenger vehicle (PV) wholesale numbers rose by 3.7% YoY to 340,784 units in June 2024, driven by new model launches despite challenges from elections and heat waves. For the first half of 2024, PV sales grew 7.6% to 2.168 million units, up from 2.015 million units in the same period last year. Maruti Suzuki India (MSIL), the country's largest carmaker, reported a 3% YoY increase in domestic PV wholesales to 137,160 units in June 2024, with total sales for the April-to-June quarter reaching 419,114 units.

MSIL also achieved record-high exports of 31,033 units in June 2024, up 57% from June 2023. However, the entry-level mini segment, including models like Alto and S-Presso, declined to 9,395 units from 14,054 units a year earlier. Hyundai Motor India Limited (HMIL), the second-largest player, recorded total sales of 64,803 units in June 2024, a slight decrease of 1.22% from the previous year. HMIL closed the first half of 2024 with total sales of 385,772 units, reflecting a 5.68% YoY growth.

SUVs accounted for 66% of HMIL's domestic sales, driven by strong performance from models like the new Hyundai CRETA, which saw 91,348 units sold, an 11% increase over the previous year. Tata Motors faced challenges with an 8% decline in PV sales to 43,624 units in June while managing flat wholesales at 138,682 units for the first quarter of FY25 compared to last year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.