Car retail sales dipped both MoM and YoY in June 2024 despite attractive discounts and exchange offers being presented through June 2024
Federation of Automobile Dealers Associations (FADA) has revealed sales data for June 2024. Sales were somewhat bleak. Even as two wheeler sales grew by 4.66% and three wheeler sales grew by 5.1%, passenger vehicle sales saw a decline of 6.77% along with tractors and commercial vehicles which fell 28.3% and 4.74% respectively.
Growth across the industry was hampered by the extreme heat in North India that had an adverse impact on the agriculture and infrastructure segments while the passenger vehicle and two wheeler segments faced lower market sentiments and dealerships are left with piling inventory which are now being offered with hefty discounts and exchange schemes. A more positive impact is predicted in the months ahead and expected to pick up momentum with improved supply and new product launches being planned.
Car Retail Sales June 2024 – Maruti Suzuki Commands 40% MS
Car retail sales list was once again headed by Maruti, Hyundai and Tata Motors with a combined market share of 68.22%. Let us take a look at how these three OEMs performed in June 2024. With almost every OEM reporting negative growth, total car vehicle retail sales stood at 2,81,566 units in June 2024, down 7.18% MoM from 3,03,358 units sold in May 2024. YoY sales also plunged 6.77% when compared to 3,02,000 units sold in June 2023.
Maruti Suzuki continued in the lead with a 40.34% market share and 1,13,575 units sold last month. This was a de-growth over 1,22,801 units sold in June 2023. It was Maruti’s utility vehicles Brezza, Grand Vitara, Ertiga and XL6 that contributed most numbers to retail sales as compared to sales in the mini and compact car segments.
At No. 2 was Hyundai Motor with 38,046 units sold last month, down from 44,104 units sold in June 2023. Market share dipped from 14.60% to 13.51% YoY. In the company portfolio, it was the new Hyundai Creta that has been a substantial contributor to total sales. Tata Motors followed with 37,242 units sold in June 2024, a decline by 3,186 units over 40,428 units sold in June 2023. Sales of passenger vehicles, including the company’s electric vehicle lineup experienced lower sales.
Mahindra and Toyota both showed off improved retail sales in June 2024. Mahindra has posted a YoY growth in retail sales to 34,958 units in June 2024, up from 31,398 units sold in June 2023 taking up market share to 12.42%. Toyota sales also increased to 18,297 units from 16,689 units on a YoY basis to command a 6.50% market share. Lower down the sales list, retail sales dipped for Kia India (16,158 units) Skoda (5,418 units) and Honda Cars (4,178 units). MG Motor (3,675 units) and Renault (2,961 units) also suffered lower retail sales along with Nissan (1,559 units).
Luxury Car Sales – June 2024
In the luxury car segment, it was only Mercedes, Force Motors and BYD that have posted positive sales. Mercedes retail sales increased to 1,149 units in June 2024. The new Mercedes E Class LWB has been spied on test and will enter production from the company’s plant in Chakan near Pune. BMW India retail sales dipped to 968 units in the past month from 1,029 units sold in June 2023. BMW is getting ready to launch the 5 Series LWB, bookings for which have now opened. Jaguar and Volvo have reported sales decline in June 2024.
Force Motors sales were up to 659 units in June 2024 over 514 units sold in the same month last year while Citroen (PCA) saw its retail sales dip to 515 units YoY over 878 units sold in June 2023. FCA (285 units) posted YoY decline in retail sales while BYD sales improved to 229 units over 185 units sold in June 2023. There were others in the segment that contributed 1,262 units to total retail sales, a de-growth over 2,048 units sold in the same month a year earlier.
