Festive demand, strong SUV offtake propel domestic passenger vehicle sales to record high in August
Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. Hyundai Motor India, Mahindra & Mahindra and Toyota Kirloskar Motor also reported strong dispatches to dealers last month.
Tata Motors, however, saw a dip in domestic passenger vehicle sales in August.
«The month of August was a very good month for the industry.
Passenger vehicle sales in August stood at 3,60,897 units. This is the highest ever monthly sales in any month in any year in the industry,» Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.
The previous highest for the industry was 3,55,400 units reported in September 2022, he added.
The industry wholesales last month grew by 9.7 per cent to 3,60,897 units as compared with 3,26,980 units in August 2022, Srivastava said.
In the April-August period, the industry sales crossed the 17 lakh units mark which is a growth of 8 per cent over the same period of the previous fiscal, he added.
Srivastava noted that the SUV segment continued to perform well and accounted for 48.6 per cent of the overall passenger vehicle industry in August.
The SUV contribution to the domestic passenger vehicle industry stood at 43 per cent in FY23.
The festive season which started with Onam in Kerala has led to a very positive retail growth of 25 per cent in Kerala, Srivastava said.
MSI reported its highest-ever monthly wholesales at 1,89,082 units in August on the back of robust sales in the SUV segment. The country's largest carmaker became the leading player in the domestic SUV segment in the April-August period on the back of models like Grand Vitara, Brezza
