Auto Sales
Passenger vehicle sales decline in August for second straight month
New Delhi/IBNS: Sales of passenger vehicles in the local market dropped for the second straight month in August 2024, on a high base, and with car manufacturers cutting down dispatches to rationalise stocks at dealerships, reports said.
Around 350,000-355,000 passenger vehicles, including cars, sedans and utility vehicles, were dispatched from factories to dealerships in August, which is a decline of 1.7-3 percent over 361,123 vehicles sold in August last year (2023), according to industry estimates.
While car manufacturers were reducing dispatches to match retail numbers, the high base effect of last year also resulted in degrowth in total passenger vehicle volumes in August this year on a yearly basis.
Carmakers, however, reckoned that the Year-on-Year (YoY) sales figures are not comparable as the festive season came in early during late August last year.
India's largest car manufacturer Maruti Suzuki India Limited’s total domestic passenger vehicle wholesales were at 1,43,075 units in August as compared with 1,56,114 units in the year-ago month, which is a dip of 8 percent.
Hyundai Motor India Limited (HMIL) recorded an 8 percent dip to 49,525 units in August this year from 53,830 units in the year-ago period, while the sales of Tata Motors' passenger vehicles, including electric vehicles (EVs), in the local market were 3 percent lower at 44,142 units in last month as compared with 45,513 units in the year-ago month.
Toyota Kirloskar Motor (TKM), however, saw a 35 percent growth year-on-year in total wholesales, including exports, at 30,879 units in August 2024, while JSW MG Motor India, similarly, reported its retail sales rise by 9 percent YoY to 4,571 units in last month as against 4,185 units in August last year.
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