In a notable series of events, the Indian Automotive Market is seeing a change in its leadership tally. Tata Motors has taken over Hyundai, a Korean car manufacturer, for the second spot, which has been traditionally dominated by the latter.
With 51,267 units sold in February 2024, an astounding year-on-year growth of over 20%, the sales results demonstrate that Tata Motors had a strong performance. In particular, Tata's electric vehicle (EV) portfolio has been a major contributor to the company's performance, increasing sales by 30% year-on-year and accounting for almost 7,000 units of total sales last year.
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Hyundai posted a modest 7% year-on-year growth with 50,201 units sold in February 2024. The recently facelifted Creta accounted for over 15,000 units, the highest ever monthly sales for Hyundai's popular SUV since its launch in 2015.
Tata Motors:
February 2024 Sales: 51,267 units
Year-on-Year Increase: 51,267 (February 2024) vs. 42,862 (February 2023)
Month-on-Month: 51,267 (February 2024) vs. 53,635 (January 2024)
Hyundai:
February 2024 Sales: 50,201 units
Year-on-Year Increase: 50,201 (February 2024) vs. 46,968 (February 2023)
Month-on-Month: 50,201 (February 2024) vs. 57,115 (January 2024)
Looking into the future, Tata Motors has already launched the Punch EV in January 2024 and plans to further strengthen its electric SUV lineup with the upcoming launches of the Curvv and Harrier EVs. Meanwhile, Hyundai is gearing up to launch the Creta N Line and has other anticipated models such as the facelifted Alcazar and the Ioniq 6slated for release in 2024.
The event is not the first time Tata has taken over Hyundai for the second spot. The battle for the number two slot is heating up and it remains to be seen if Tata can sustain this momentum in the long run. For now, the Indian automaker appears to be in the driver's seat as the two giants play their cards for the market share.
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