In the month of October, the Indian passenger vehicle segment witnessed record-breaking sales. In India, various brands unveiled new festive schemes for their products in October. Due to the high demand for passenger vehicles, OEMs speeded up the manufacturing and delivery processes. Mahindra & Mahindra and Maruti Suzuki witnessed the highest ever deliveries of passenger vehicles in the Indian market.
Maruti observed the growing demand for passenger vehicles during the auspicious festival of Navratri. To meet the festive demands, the company increased the volume of its vehicles. Maruti Suzuki India reported monthly sales of 1,47,072 units in 2022. The sales surged to 21 percent in 2023, and the company reported its best domestic monthly sales at 1,77,266 units. Last year, in the month of October, Maruti recorded monthly sales of 1,40,337 units. Sales of total passenger vehicles rose to 1,68,047 units last month.
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The Senior Executive Officer (Marketing and Sales) of Maruti Suzuki India, Mr. Shashank Srivastava, stated that “it is not only the highest October in terms of sales, but also the highest ever month which we have witnessed in the Indian passenger vehicle industry in any year in any month.”
In October, Hyundai Motors witnessed sales growth of 15% to 55,128 units, while in 2022, in the same month, it recorded monthly sales of 48,001 units. The COO of Hyundai Motors, Mr. Tarun Garg, stated that, “the festival season has again proved customers are really wanting to buy cars. The good part is that although we do not have pent-up demand, the fresh inflow is what is keeping us afloat.”
Mahindra & Mahindra witnessed its SUV delivery growth by 36% YOY to 43,708 units last month, while in 2022, it dispatched a total of 32,226 units. The Automotive Division President of Mahindra & Mahindra, Mr. Veejay Nakra, stated that, “While the strong festive demands should see us continue our growth momentum in November, we will keep a close watch on select supply-related challenges.”
Other companies like Toyota Kirloskar, Kia India, and Tata Motors also reported growth in October sales. In the domestic passenger market, Tata Motors stood at 48,337 units, and Toyota Kirloskar dispatches rose by 66% YOY to 21,879 units in October.
Kia India witnessed its sales growth by 4.4% YOY to 24,351 units last month. The National Head (Marketing and Sales) of Kia India stated that, “During the festive season, our customers’ positive outlook has helped us achieve our fourth-highest monthly sales in India.”
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