_Happy boy Posted November 2, 2020 Share Posted November 2, 2020 Passenger vehicle sales in India accelerated in October for the third straight month this fiscal year, buoyed by demand during the festivals of Navratri and Dussehra, as well as a steady recovery in economic activity since lockdown curbs were eased. Wholesales, or factory dispatches, reported by carmakers, including Maruti Suzuki India Ltd, Hyundai Motor India Ltd, Mahindra and Mahindra Ltd (M&M), Toyota Kirloskar Motor Pvt. Ltd (TKM) and Honda Cars India Ltd, suggest the industry has recorded a 14% year-on-year (y-o-y) growth in October. Sales increased by 26.5% in September and 14.1% in August, according to the Society of Indian Automobile Manufacturers (Siam). Maruti Suzuki, the country’s top carmaker, posted an 18% rise in domestic wholesales at 163,656 vehicles. This was driven by a 27% jump in sales of hatchbacks at 95,067 units comprising its po[CENSORED]r models such as the WagonR, Swift and Baleno. Sales of Maruti’s utility vehicle models grew 10% last month to 25,396 units. At its quarterly earnings call last week, the Maruti management said retail deliveries during Navratri grew 27% year-on-year to 96,700 units. With the largest portfolio of affordable, small cars among local automakers, Maruti has been a key beneficiary of the growing preference for personal mobility during the pandemic. This trend has led to the share of first-time car buyers for Maruti growing to 48% from 43% a year ago. The resurgence in sales has also been helped by a low year-earlier base as well as buoyant rural markets this year. The share of rural markets to Maruti’s total sales has risen to 41% during Q2 from 38% a year earlier. Second-ranked Hyundai said its total domestic sales in October increased 13% y-o-y to 56,605 vehicles. This was the highest-ever monthly sales for Hyundai since it commenced operations in India, according to the company, topping the previous record of 52,001 units in October 2018. The Korean carmaker plans to launch the third generation of its premium hatchback i20 on Thursday in a bid to exploit potential demand around Diwali slated for 14 November. Puneet Gupta, associate director, IHS Markit said the October sales numbers are very encouraging despite the price increase to comply with Bharat Stage VI emission norms and comparatively lower level of discounts. “While aggressive financing schemes are helping buyers, covid-19 fear factor is clearly working in India, as we see an increased preference for personal mobility," he said. M&M’s passenger vehicle wholesales grew a marginal 1% to 18,622 units. A 3% increase in sales of utility vehicles (UVs) helped offset a sharp 55% plunge in sales of cars and vans at M&M. Veejay Nakra, chief executive, automotive division, M&M said SUV brands such as Scorpio, Bolero and XUV300 continue to do well, while it has received robust orders for the Thar SUV model within a month of launch. Recording its best month since March, Toyota Kirloskar reported wholesales of 12,373 units in October, rising from 11,866 units a year earlier. “That our wholesales have been registering an average growth of close to 50% every month gives us confidence that the demand for bigger vehicles is rising too," said Naveen Soni, senior vice-president, sales and service, Toyota Kirloskar. Link to comment Share on other sites More sharing options...
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