Maruti, Tata Motors, Mahindra Post PV Sales Growth In November; Hyundai Records Decline

India's Passenger Vehicle Market: India's passenger vehicle market witnessed varied performance across major automakers in November 2024.

Passenger Vehicle Sales In India: India's passenger vehicle market witnessed varied performance across major automakers in November 2024. While Maruti Suzuki, Mahindra & Mahindra, and Tata Motors posted year-on-year growth, Hyundai faced challenges in its domestic market.

Maruti Suzuki, the country's largest carmaker, reported strong growth in total passenger vehicle sales, reaching 141,312 units during the month in the domestic market. This marked an increase from 134,158 units sold in November 2023. However, the company's sales in October 2024 were higher at 159,591 units, indicating a month-on-month decline.

In November 2024, Maruti Suzuki India Limited recorded total vehicle sales (including light commercial vehicles) of 181,531 units. This included domestic sales of 144,238 units, sales to other original equipment manufacturers (OEMs) of 8,660 units, and exports of 28,633 units.

Tata Motors also reported steady growth in its domestic and international markets. The company sold 74,753 vehicles in November 2024, up from 74,172 units in November 2023.

In the passenger vehicle (PV) segment, including electric vehicles (EVs), Tata Motors achieved total sales of 47,117 units, a 2 per cent year-on-year increase from 46,143 units in November 2023.

On the other hand, Hyundai Motor India Limited (HMIL) saw a slight decline in its domestic sales. The company reported domestic sales of 48,246 units in November 2024, down by 2.4 per cent from 49,451 units sold in November 2023.

However, its overall performance, including exports, remained robust. Hyundai recorded total sales of 61,252 units in November 2024, comprising 48,246 domestic units and 13,006 export units. Year-to-date (YTD) sales for Hyundai Motor India, covering the period from January to November 2024, stood at 7,09,041 units, reflecting the brand's strong market presence.

Mahindra & Mahindra Ltd. (M&M Ltd.) overall auto sales for November 2024 stood at 79,083 vehicles, including exports. In the Utility Vehicles segment, Mahindra sold 46,222 vehicles in the domestic market, a growth of 16 per cent, and overall, 47,294 vehicles, including exports.

These figures highlight the mixed dynamics in the Indian passenger vehicle market. The automobile sector continues to navigate evolving consumer preferences, macroeconomic factors, and increasing competition, particularly in the EV space, which is gaining traction. Recently, the sector has also been facing challenges due to the slowdown.