February 2024 Car sales in India set a new record!
Indian Automotive Industry is witnessing a steep rise in overall sales. The boom is highly unpredictable with month-after-month sales records. February 2024 marked the 14th consecutive month since January 2023, and it also recorded the highest volume for that month ever. Additionally, in February 2024, the industry recorded the third-best monthly despatches ever from original equipment manufacturers (OEMs) to dealerships.
Maruti Suzuki is the top-selling automaker once more, with nearly 2 lakh units sold in total for the month. This time, in a highly competitive race, Tata Motors prevails over Hyundai, the South Korean automaker, in the home market.
In the domestic market, the volume of passenger vehicles (PVs) increased 11.3% year over year (y-o-y) to 373,177 units in February 2024 from 335,324 units in the same month the previous year. Although February 2023 saw the highest February month volume up until the previous year, February 2024 currently holds that record.
Only the PV dealer despatches from January 2024 (394,500 units) and October 2023 (391,811 units) were ahead of those from February 2024.
Retail sales in February 2024 were estimated to be 11.3% y-o-y higher during the month at around 335,900 units against 301,900 units in the same month the previous year, despite the fact that they were lower than wholesale sales.
The company sold 51,267 units in the domestic passenger market in February 2024, a notable YoY growth of 20% over the 42,862 units sold in the same month the previous year. The company did, however, see a significant 81% decrease in exports, with sales falling to just 54 units in February 2024 as opposed to 278 units in February 2023.
In February 2024, Mahindra had a significant sales increase of 40%, which added to the overall growth of the Indian automobile industry. The company revealed a 24 percent YoY increase in sales with a total sales figure of 72,923 units in February 2024. In the utility vehicle segment, the company sold 42,401 units domestically in May of last year, up 40% YoY from 30,358 units sold in the same month the previous year.
The company reported selling 25,220 units in February 2024, a whopping 61 percent increase in sales over the same month the previous year when it sold 15,685 units. The company reported selling 23,300 units in the home market and 1,920 units abroad.
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