The Indian auto industry has steadily risen since the start of FY24, and the month of September continues to be the same. In fact, the growth rate has been quite significant in September as many of the OEMs have posted their highest sales.
Leading Indian carmaker Maruti Suzuki India has reported a total production of 181,343 units in September’23, of which 150,812 units were retailed in the domestic market, representing a 1.64% YoY jump in sales. In the H1 of FY24, the company reported a jump of 9.8% YoY to 873,107 units. MSIL produced 1,050,085 in the first half of the financial year, making it the first time for the carmaker to cross the one million production mark in half a year.
Taking the second position this time around is another Indian carmaker, Tata Motors. The homegrown automaker’s domestic PV sales stood at 82,023 units, 2% more than it achieved in September last year. In Q2FY24, the company remained stagnant at 2.37 lakh units. September was quite exciting for Tata Motors, as it launched the updated model of one of its most successful products, the Nexon, in ICE and EV powertrain options.
Hyundai Motor India followed in sales as it posted a 9.13% YoY growth in its domestic sales to 54,241 units, while the company's total production stood at 71,614 units making it the highest-ever monthly sales for the Korean automaker. Mahindra and Mahindra, meanwhile, reported domestic sales of 41,267 units, representing a 20% YoY jump in September’23.
With a 53% YoY growth, Toyota Kirloskar Motor produced 23,590 units, of which 22,168 went to the domestic market. In the first half of the financial year, the company produced 1,23,939 units compared to 91,843 units produced in the same time last year, resulting in a 35% YoY jump.
MG Motor India’s retail sales figures stood at 5,003 units in September 2023, a 31% YoY growth over the same month last year.
On the other hand, Honda Cars India posted a 13% jump in retail to 9,861 units in September 2023 as the company started the deliveries for the Elevate from September onwards.
Two-wheelers
On the two-wheeler side, Hero MotoCorp reported sales of 536,499 units with a growth rate of 3% YoY from last September’s 519,980 units. On the other hand, Suzuki Motor Corporation registered an overall sale of 97,936 units in September 2023, recording 13% growth compared to September 2022. SMIPL sold 83,798 units, registering a 16% growth in domestic sales over the same period last year.
Commercial Vehicles
On the back of continued Government infrastructure push, robust replacement demand, and growth in core sectors, along with sustained growth from the e-commerce sector, Tata Motors posted a 13% YoY growth in its domestic retails for CVs to 37,214 units in September. M&M, on the other hand, M&M posted a growth of 10.89% in the CV sector, with retails of 23,997 units in September’23.
Also Read
August Retail Sales Fuel The Growth Story For Indian Auto Industry