NEW DELHI: Car wholesales remained strong in February as the industry races to a record 42-lakh-plus mark for first time in a financial year in 2023-24. All top players, including Maruti Suzuki, Tata Motors and Mahindra & Mahindra, despatched healthy numbers to retail outlets as industry inventory remains at moderate level of around a month of sales.
Cumulative despatches of passenger vehicles (SUVs, MPVs, sedans and hatchbacks) stood at 3.7 lakh units against 3.3 lakh units in February 2023, registering a growth of 11%, Shashank Srivastava, senior executive officer (sales & marketing) at Maruti Suzuki said. “The retail numbers are lower, estimated at around 3.3 lakh units against 3 lakh units last year. The difference between wholesale and retail is about 40,000 units, which have been added to the stock. The stock level is now 3 lakh units, which is around 25-26 days of stock in the industry,” he said.

snip (13)

The passenger vehicles industry registered the highest-ever sales for February.
From Apr 2023 to Feb 2024, the industry dispatched 38.6 lakh units against 35.5 lakh units during Apr ’22 to Feb ’23, registering a growth of 9%. For 2023-24, the industry estimates show sales at 42.1 lakh units and share of SUVs at around 50.5%.
SUVs have been leading the surge in sales for most of the companies. Maruti Suzuki’s domestic sales grew 9% on despatches of nearly 1.6 lakh units, against around 1.5 lakh units sold in the same month last year, led by off-roaders such as Brezza and Grand Vitara. Tata Motors managed to move ahead of Hyundai and get the second-highest seller tag in Feb by despatching a little over 51,000 units on a growth of 20%. For Hyundai, the total sales were around 50,200 units at a growth of 7% as it sold more of SUV models, such as, Creta, Exter and Venue.
M&M showed 40% growth, while Toyota (61%) and Honda Cars (17%) also registered gain.


Source link