Automobiles News

November auto sales: Festive cheer for automakers in India as sales see Diwali boost



Automakers in India witnessed solid sales growth in November boosted by the recently concluded festive season. Bajaj Auto on Friday reported a 77 per cent growth in domestic 2-wheeler sales in the previous month. Mahindra & Mahindra and Toyota Kirloskar recorded a growth of 21 and 51 per cent respectively in sales.

Hyundai Motor India sold 65,801 units, up 3 per cent year on year.

“With encouraging customer response leading to higher retail sales during the festival season, our dealer network stock is at a very optimum level of 3 weeks,” Hyundai Motor India COO Tarun Garg stated.

Bajaj Auto sold a total of 4,03,003 units (2-Wheelers+CV) in November 2023 as against a total sale of 3,06,719 units in the previous year, a 31 per cent YoY increase.

M&M’s November sales stood at 70,576 vehicles. Further, in the Utility Vehicles segment, the automaker recorded a growth of 32 per cent with 39,981 vehicles sold in the domestic market.

Veejay Nakra, President, Automotive Division, M&M Ltd said that the company saw a healthy festive season, but faced supply challenges on select parts during the month. He further clarified that the Mumbai-headquartered company is taking appropriate steps to mitigate the challenges.Toyota Kirlosakr sold 17,818 units in November 2023 as compared to 11,765 units sold in the year-ago period.

“We recorded a strong festive season with healthy bookings, and we are extremely thrilled to see the market responding very positively to our entire product range,” TKM Vice President of Sales and Strategic Marketing Atul Sood said.

Furthermore, the healthy sales are a result of the ‘big spending’ by consumers during the festive season as FADA reported that automotive retail sales in India reached an all-time high during this time.

This year, the festive season in India commenced on October 15 and ended on November 25. In 2022, it lasted between September 26 and November 6.

Overall, automobile sales surged by 19 per cent, reaching 37,93,584 units in the 42-day festive period in 2023, compared to 31,95,213 units in the previous year.

“Despite initial underperformance during Navratri, particularly in the passenger vehicle sector, the situation improved by Diwali, ending with a 10 per cent growth rate,” Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said.



Source link