In May, passenger vehicle wholesales in India saw a slight increase due to the high base effect and subdued demand caused by the general elections. The total dispatches of passenger vehicles from companies to dealers were 3,50,257 lakh units, a 4% growth compared to the 3,35,436 units dispatched in the same month the previous year.
Despite the political climate and its impact on demand, the industry managed to register growth.
Here's how the leading automakers in India performed in May: Eicher Motors Eicher Motors Ltd., the maker of Royal Enfield, sold 71,010 motorcycles, marking an 8% decrease from 77,461 units sold in May 2023. However, the year-to-date sales showed a 2% increase, with 1,52,880 units sold from April to May 2024, compared to 1,50,597 units in the same period last year.
The homegrown automaker said that the sales of models with an engine capacity up to 350cc dropped by 13% to 59,852 units, while models with an engine capacity exceeding 350cc saw a 32% increase to 11,158 units. The company's international business, included in the total sales, grew by 12% to 7,479 units.
Ola Electric Ola Electric announced that it has secured a 49% market share in the EV 2W segment in May 2024, with 37,191 registrations recorded. The homegrown EV maker attributes this success to its strong S1 scooter portfolio.
Anshul Khandelwal, Chief Marketing Officer at Ola Electric Technologies Private Limited, in a company statement, said, "We continue to lead India’s EV transition efforts in the 2W segment with a leading 49% share in the market and a steady growth in our registrations."
Kia India Kia India reported a 4% year-on-year increase in total wholesales, with 19,500 units in May 2024, up from 18,766 units in May 2023. The company attributed this growth to the introduction of new competitive variants of their models.
Hardeep Singh Brar, Senior VP and Head of Sales & Marketing at Kia India, in a statement, said, "So far in this year, we have been aggressive in introducing new competitive variants of our models, which has contributed significantly to our sales."
He added that the company, with a robust network expansion strategy, plans to continue this growth and is aiming to cross the 1 million domestic sales milestone soon.
Tata Motors Tata Motors Limited reported that it sold 76,766 vehicles in the domestic and international markets in May 2024, a slight increase from 74,973 units in May 2023. Domestic passenger vehicle sales, including electric cars, rose by 2% to 46,697 units.
The company also saw a 257% growth in its international business, selling 378 passenger vehicles. However, electric vehicle sales saw a 4% decrease, with 5,558 units sold.
The company's domestic sales of medium and heavy commercial vehicles, including trucks and buses, stood at 12,987 units, up from 11,776 units in May 2023. The total sales for this category, including domestic and international business, increased to 13,532 units from 12,292 units in the same period last year.
Maruti Suzuki India Maruti Suzuki India's total wholesales in May 2024 dipped 2% year-on-year to 1,74,551 units, down from 1,78,083 units in May 2023. Domestic passenger vehicle sales saw a slight increase, with 1,44,002 units sold last month compared to 1,43,708 units in the same period last year.
Sales of mini-segment cars, including Alto and S-Presso, fell to 9,902 units from 12,236 units in May 2023. Compact car sales, which include models like Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR, also dropped to 68,206 units from 71,419 units.
However, utility vehicle sales, including models like Brezza, Grand Vitara, Ertiga, S-Cross and XL6, rose to 54,204 units from 46,243 units. Van sales were at 10,960 units, down from 12,818 units a year ago. MSI's exports declined to 17,367 units from 26,477 units in the same period last year.
Hyundai Motor India The company reported a 7% year-on-year increase in total sales at 63,551 units in May. The company sold a total of 59,601 units in May 2023.
Domestic dispatch of vehicles to dealers saw a 1% rise to 49,151 units last month from 48,601 units in the year-ago period. Exports grew 31% in May to 14,400 units, as compared with 11,000 units in the year-ago period.
TVS Motor Company The company's total sales rose by 12%, reaching 3.70 lakh units, up from 3.30 lakh units sold in May of the previous year. The growth in total sales was primarily driven by a robust performance in the two-wheeler segment, which saw a 13% increase. TVS Motor sold 3.59 lakh two-wheelers in May, compared to 3.19 lakh units in the same period last year.
Within the domestic market, two-wheeler sales increased by 7%, with 2.71 lakh units sold compared to 2.52 lakh units sold last year. In the electric vehicle (EV) segment, TVS Motor witnessed a modest increase in sales, with EV sales up by 4%. The company sold 18,674 electric vehicles in May, compared to 17,953 units in the previous year.
Exports recorded a surge, with a 27% increase in May. TVS Motor exported 96,966 units, up from 76,607 units exported in the same period last year. However, the three-wheeler segment saw a decline in sales, with total sales down by 8.8%. TVS Motor sold 10,324 three-wheelers in May, compared to 11,314 units sold in the same period last year.
SML Isuzu The company's total sales surged by 21.2% compared to the same period last year, reaching 1,563 units against 1,290 units.
Escorts Kubota Farm machinery and construction equipment makers witnessed a slight decline in total tractor sales compared to the same period last year. Total tractor sales were down by 6.1%, with 8,612 units sold this year as opposed to 9,167 units sold in the previous year.
The domestic tractor market also saw a dip in sales, with domestic tractor sales decreasing by 5.4%. In May, 8,232 units were sold domestically, down from 8,704 units sold during the same period last year.
Mahindra & Mahindra Mahindra & Mahindra Ltd reported an increase in total auto sales, recording a 16.7% year-over-year growth. The company sold 71,682 units in the current period compared to 61,415 units in the same period last year.
Passenger Vehicle (PV) sales saw a jump, rising by 31% year-over-year. Mahindra sold 43,218 PV units, up from 32,886 units in the previous year. Total domestic PV sales also showed a healthy increase of 17.5%, with 69,099 units sold compared to 58,799 units last year.
In the agricultural segment, total tractor sales grew by 9% year-over-year. Mahindra sold 37,109 tractor units, up from 34,126 units in the previous year. Total exports also experienced a modest rise, increasing by 2% year-over-year. The company exported 2,671 units, slightly up from 2,616 units last year.
MG Motor MG Motor India reported a 5% dip in wholesales at 4,769 units in May compared to the same month last year. The company had dispatched 5,006 units to dealers in May 2023.
The automaker in a statement said it received positive traction for its electric vehicles (EVs) last month. With 36% of the company's overall monthly sales, the EV portfolio remained a major contributor in May 2024, it added.
Toyota Kirloskar Toyota Kirloskar Motor (TKM) reported a 24% year-on-year increase in total wholesales in May at 25,273 units. Last month, domestic sales stood at 23,959 units while exports were at 1,314 units. The automaker had dispatched 20,410 units to its dealers in May 2023.
