Honda Records Mixed Sales Performance in November 2024: Domestic Decline, Export Surge
Honda Cars India Ltd (HCIL), a key player in India’s automotive landscape, has reported contrasting sales figures for November 2024. While domestic sales dipped, exports achieved impressive year-on-year (YoY) growth, showcasing Honda’s potential in international markets.
The company is set to strengthen its position with the launch of the new-generation Honda Amaze on December 4, 2024, aiming to rejuvenate its domestic market performance.
In November 2024, Honda sold 5,005 units in the domestic market, marking a significant 42.67% YoY decline compared to 8,730 units sold in November 2023. This drop translates to a volume loss of 3,725 units. The month-on-month (MoM) performance also saw a dip, with October 2024 recording 5,546 units, resulting in a 9.75% decline and a 541-unit loss.
Honda’s current domestic lineup includes the Amaze subcompact sedan, the City sedan, and the recently introduced Elevate SUV. Despite a challenging month, Honda remains optimistic about a turnaround with the launch of the much-anticipated third-generation Amaze, which is expected to boost sales in the coming months.
In contrast to domestic challenges, Honda’s export performance in November 2024 was stellar. The company shipped 5,721 units to global markets, registering an impressive 80.99% YoY growth compared to 3,161 units in November 2023. This translates to a volume gain of 2,560 units.
The export surge is partly attributed to robust demand for the Honda Elevate, including its rebadged version, the WR-V, recently launched in Japan. Honda’s focus on international markets seems to be paying dividends, reflecting a promising growth trajectory for its export operations.
With the launch of the all-new third-generation Amaze just days away, Honda is gearing up for a strong comeback in the domestic market. According to Kunal Behl, Vice President of Marketing & Sales at HCIL, the new Amaze has already generated significant excitement among customers, emphasizing its importance in Honda’s portfolio. Production ramp-up for the Amaze will begin in December, aligning with the company’s strategy to capture the growing demand in the B-segment sedan category.
November 2024 was a mixed bag for Honda Cars India, with domestic sales facing hurdles but export operations achieving remarkable growth. The launch of the new Amaze is poised to be a turning point, promising a brighter future for Honda in the competitive Indian automotive market.
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