The Indian automotive market had a positive month in June 2024, with most manufacturers experiencing growth in car sales numbers despite only a few new launches. Take a look at the winners and losers for the month!
Toyota wins and takes the top spot!
June 2024 marked a historic achievement for Toyota Kirloskar Motors as they reported their highest monthly sales to date. The 40 percent year-on-year increase resulted in the sale of 27,474 units of SUVs and hatchbacks, with domestic sales making up 93 percent of the total.
LOSER – TATA MOTORS?
In June 2024, Tata Motors stands out as the leading casualty. Despite introducing a new model, the Altroz Racer, and making updates to its current range, Tata saw a sales drop of 8 percent for the second consecutive month. The primary reason for this decline is the significant erosion of trust among customers due to reliability problems with its latest offerings, leading to a decrease in sales.
Although the company is developing new products, it must address the issue of reliability across all its models. Domestic sales decreased from 43,624 units in June 2023 to 37,359 units this year, and exports experienced a sharp decline of 19 percent.
CAR SALES WINNERS!- MAHINDRA & MAHINDRA
Following Mahindra & Mahindra, the next entry on the roster is a leading manufacturer of SUVs. Last month, the company reported a total sales figure of 40,022 units, marking a 23 percent rise from the same period in June 2023. The Mahindra ScorpioN, Thar, and XUV700 models remain the top sellers for the brand in city settings. These June sales indicate that the company may soon surpass Tata Motors to become the third-highest-selling brand in the nation.
In addition to the monthly update, the company disclosed the overall car sales for the first half of 2024. At the start of this year, Mahindra Cars experienced a 23 percent increase in sales within the domestic market, with 1,23,248 SUVs sold. The export of SUVs also saw a 3 percent rise. Over the past few weeks, Mahindra has launched a new model, the XUV 3XO, and made updates to existing models, including the XUV700 AX5 Select and XUV700 Blaze edition.
HONDA CARS AS LOSERS
Due to the favorable reaction to the Elevate SUV, Honda Cars has seen a 36 percent year-over-year growth in overall car sales for June 2024. The sales of cars both within the country and for export in the last month reached 9,776 units, a significant rise from the 7,192 units sold in the same period the previous year. However, despite the boost in exports, the number of cars sold domestically decreased by 5.4 percent.
At present, Honda’s well-liked sedan, the Amaze, is scheduled for a major refresh. Anticipated to debut as a completely new model, the next-generation Amaze is set to be introduced before the year’s end.
MARUTI SUZUKI WINS!
Unsurprisingly, Maruti Suzuki wins the race by ranks third on the list of winners. As India’s biggest car manufacturer, it has seen a 12 percent rise in overall sales, ending the month with 1,79,226 vehicles sold. This growth is despite a drop in sales for compact cars and small SUVs in the Indian market.
The surge in demand is largely attributed to the launch of the next-generation Swift and the introduction of special or limited edition versions. Reports indicate that Maruti has sold over 35,000 Swift units since its debut in May. Additionally, the recently introduced Dream series models (Alto, Spresso, and Celerio) have collectively received 21,000 bookings.
MG CARS- CAR SALES LOSERS
MG Motors, a British car manufacturer, is also experiencing a drop in its sales figures. The company has been facing significant challenges in securing customers for its extensive selection of SUVs. Despite its best efforts, MG reported a 9 percent decrease in overall sales year-over-year. During June 2024, a total of 4,644 vehicles were sold, with electric vehicles making up 40 percent of these sales.
With new funding from JSW Group, MG is expected to launch two new models in 2024, with additional models in the pipeline.
KIA INDIA SECURES A WIN!
Kia India, the final brand to secure a spot on the list of winners, achieved a remarkable milestone by selling 21,300 vehicles in June 2024. This represents a 9.8 percent increase in sales compared to the previous year, showcasing the brand’s success in the Indian automobile industry.
With three key models in the Indian market, Kia has seen significant growth. The Kia Sonet stands out as the top-selling model for the brand, capturing nearly 43 percent of the market. Following closely behind are the Seltos at 32 percent and the Carens MPV at 25 percent.
HYUNDAI CARS AS LOSERS
The last brand on the losers list is a shocking one. Despite strong demand for the Creta, sales of Hyundai India has stagnated. Total sales stood at 64,803 units a 1 percent decline Y-o-Y. Out of this, 50,103 units were sold in the domestic market, where the brand witnessed a minor slowdown.
Despite a bad June 2024, the company has recorded 6 percent Y-o-Y growth in H1 2024. From January to June 2024, the company sold a total of 3,85,772 units. The Hyundai Creta continues to be the best seller, while its 7-seater version, the Alcazar facelift is set to launch soon.
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