Auto sales decline in August for second straight month

05 Sep 2024 CW Team

In August, Maruti Suzuki, the market leader, saw its sales fall by 8.4% to 143,075 units. Partho Banerjee, Senior Executive Officer for Marketing and Sales at Maruti Suzuki, explained that they had adjusted their dispatches in line with market demand to reduce stocks at dealerships. Banerjee noted that the company?s inventory had decreased to 36 days, down from 38 days, and they aimed to maintain this level to avoid potential vehicle shortages during the festive season. He also mentioned that bookings had increased by 7% in Kerala following the start of the Chingham month on August 17. The company currently holds an order bank of 165,000 vehicles.

Meanwhile, 55% of domestic passenger vehicle sales in August came from SUVs. Hyundai also saw its local sales drop by 8% to 49,525 units, though Tarun Garg, Whole-time Director and Chief Operating Officer, highlighted that SUVs, led by models like the CRETA, VENUE, and EXTER, contributed 66.8% to their domestic sales. Garg also mentioned that the company would soon launch the new 6- and 7-seater SUV, the Hyundai ALCAZAR, and expressed confidence in a strong response during the festive season.

Tata Motors reported a 3% decline in sales to 44,142 units in August. However, Toyota Kirloskar Motor (TKM), Kia, and MG Motor India saw growth, driven by demand for their utility vehicles. Toyota's sales rose by 36.5% to 28,589 units, Kia's by 17.2% to 22,523 units, and MG Motor India retailed 4,571 units, with more than a third of its sales coming from electric vehicles. Sabari Manohar, Vice President of Sales, Service, and Used Car Business at Toyota Kirloskar Motor, commented that as the festive season approached, demand remained strong, with increased consumer interest across dealerships, particularly for SUVs and MPVs.

In the two-wheeler segment, TVS Motor Company reported a 13% increase in sales to 289,063 units due to a revival in consumer demand across both rural and urban markets. However, commercial vehicle sales remained subdued, with Tata Motors reporting a 16% drop in sales to 25,864 units in August.

Sales of passenger vehicles in the local market decreased for the second consecutive month in August, attributed to a high base and efforts by carmakers to reduce dispatches in order to manage dealership stocks. Industry estimates suggested that around 350,000-355,000 cars, sedans, and utility vehicles were dispatched from factories to dealerships last month, marking a decline of 1.7-3% compared to the 361,123 vehicles sold in August 2023. Automakers in India typically report wholesale dispatches to dealers rather than retail sales to customers. In August, Maruti Suzuki, the market leader, saw its sales fall by 8.4% to 143,075 units. Partho Banerjee, Senior Executive Officer for Marketing and Sales at Maruti Suzuki, explained that they had adjusted their dispatches in line with market demand to reduce stocks at dealerships. Banerjee noted that the company?s inventory had decreased to 36 days, down from 38 days, and they aimed to maintain this level to avoid potential vehicle shortages during the festive season. He also mentioned that bookings had increased by 7% in Kerala following the start of the Chingham month on August 17. The company currently holds an order bank of 165,000 vehicles. Meanwhile, 55% of domestic passenger vehicle sales in August came from SUVs. Hyundai also saw its local sales drop by 8% to 49,525 units, though Tarun Garg, Whole-time Director and Chief Operating Officer, highlighted that SUVs, led by models like the CRETA, VENUE, and EXTER, contributed 66.8% to their domestic sales. Garg also mentioned that the company would soon launch the new 6- and 7-seater SUV, the Hyundai ALCAZAR, and expressed confidence in a strong response during the festive season. Tata Motors reported a 3% decline in sales to 44,142 units in August. However, Toyota Kirloskar Motor (TKM), Kia, and MG Motor India saw growth, driven by demand for their utility vehicles. Toyota's sales rose by 36.5% to 28,589 units, Kia's by 17.2% to 22,523 units, and MG Motor India retailed 4,571 units, with more than a third of its sales coming from electric vehicles. Sabari Manohar, Vice President of Sales, Service, and Used Car Business at Toyota Kirloskar Motor, commented that as the festive season approached, demand remained strong, with increased consumer interest across dealerships, particularly for SUVs and MPVs. In the two-wheeler segment, TVS Motor Company reported a 13% increase in sales to 289,063 units due to a revival in consumer demand across both rural and urban markets. However, commercial vehicle sales remained subdued, with Tata Motors reporting a 16% drop in sales to 25,864 units in August.

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