Mahindra, Kia, Toyota Kirloskar Motor steer clear of slow lane
sales growth in the first half of this fiscal year, underscoring continued weak consumer sentiment and sluggish demand in the world’s third-largest automobile market.
Mahindra & Mahindra (M&M), Toyota Kirloskar Motor and Kia India reported higher sales, while others including the top three—Maruti Suzuki, Hyundai and Tata Motors saw sales decline during the period.
Sales at Toyota Kirloskar—the maker of Fortuner and Innova Hycross models—grew more than 31%--the fastest pace among all automakers, in a market where overall volumes expanded by only 0.5%. M&M and Kia followed, clocking sales growth of 21% and 5.6%, respectively, according to data from the Society of Indian Automobile Manufacturers (SIAM).
Toyota, Mahindra and Kia have been expanding their footprint with fresh products in the country's fast-growing utility vehicle segment, which has helped them shore up volumes.
Nalinikanth Gollaguna, CEO, automotive division, M&M, said the company’s robust portfolio of SUVs, newly bolstered with the XUV3X0 and the Thar Roxx, “continue to be in great demand”. He said the company is working on expanding capacity across its petrol/diesel and electric vehicles by 15,000 units per month by the end of the fiscal year.
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