Automobile makers end fiscal with strong sales

Top car makers in India such as Maruti Suzuki, Hyundai Motor, Tata Motors, Mahindra & Mahindra and Toyota Kirloskar Motor reported higher car sales in March and the automakers ended fiscal 2024 with record sales figures, monthly data from the companies showed on Monday.

Every month, automobile makers release wholesale from their factory gates to dealers. The auto sector carries more than 50 per cent weightage in calculating the country’s economic growth.

Maruti Suzuki, India’s biggest car maker, said its domestic passenger vehicles sales grew 15 per cent at 1,52,718 units for March 2024 against 1,32,763 units in the same month previous year. Maruti reported its best-ever fiscal year 2024 dispatches of 17,59,881, up 10 per cent on the 16,06,870 units it sold in the local market in FY2023.

Sales at Hyundai Motor also rose by 5 per cent to 53,001 units, compared to 50,600 units in the same period last year. Hyundai Motor recorded its bestever domestic market sales of 6,14,721 units in FY2024, an increase of 8.3 per cent over FY2023’s 5,67,546 units.

Similarly, sales at Tata Motors, the third biggest car maker, increased by 14 per cent at 50,110 units last month, up from 44,044 units sold in March 2023. Tata Motors dispatched 5,70,955 units in FY2024, improving upon its yearago sales by 6 per cent (FY2023: 538,640 units).

Sales at Mahindra, the utility vehicle specialist, jumped 13 per cent to 40,631 vehicles compared with 35,997 vehicles last year.

Mahindra wrapped up FY2024 with its best-ever sales at 4,59,877 units, growing 28 per cent over previous fiscal (FY2023: 3,59,253 units).

Sales at Toyota Kirloskar Motor jumped 25 per cent at 27,180 units last month, up from 21,783 units sold in March last year. Toyota’s recorded fiscal year sales at 48 per cent at 2,63,512 units in FY2024, compared with 1,77,683 units sold in FY2023.

Sales at Honda Cars stood at 7,071 units in March 2024 compared with 6,692 units sold in the same month last year. In FY24, Honda Cars sold 1,24,173 units, up from 1,14,140 units sold in the previous year.

“The Elevate has become a strong business pillar contributing significantly to our domestic sales and strengthening our exports by addition of new destinations in Japan,” said Kunal Behl, vice president, marketing and sales, at Honda Cars India.