Auto manufacturers experienced both successes and setbacks in the lead-up to the festive season. Maruti Suzuki India, the largest carmaker in the country, reported an increase in total sales compared to the previous year but fell short of Street estimates. Let’s take a closer look at how other auto makers like Tata Motors, Mahindra & Mahindra, Hero MotoCorp, TVS Motor Company, and Eicher Motors performed during the same period.
Maruti Suzuki India:
Maruti Suzuki India sold a total of 181,343 vehicles in September, representing a 2.9% growth compared to the same period the previous year. This figure was slightly lower than what Zee Business analysts had predicted at 187,000 vehicles. Within the domestic market, Maruti Suzuki sold a total of 150,812 passenger vehicles, marking a 1.6% increase from the previous year. While sales in the company’s mini segment decreased by 65%, the utility vehicles segment experienced a significant 82% increase in sales.
Mahindra & Mahindra:
M&M saw a positive result, with a 17.2% rise in total sales, including exports, reaching 75,604 vehicles. This surpassed Street estimates by over 3,600 units. In the domestic market, Mahindra & Mahindra sold a total of 41,267 passenger vehicles in September 2023, compared to 34,508 units in September 2022.
Tata Motors:
Tata Motors performed well, selling a total of 44,809 passenger vehicles in the domestic market in September, including electric vehicles. This figure exceeded expectations by a significant margin. The company also experienced a 56.6% increase in electric vehicle sales compared to the previous year. However, Tata Motors fell short of analysts’ expectations with a 12% rise in total commercial vehicle sales.
Bajaj Auto:
Bajaj Auto reported a decline in two-wheeler sales, with a total of 327,712 units sold in September compared to 348,355 units the previous year. However, the company’s total sales of commercial vehicles and two-wheelers only decreased by 0.6%, performing better than analysts’ estimates.
Hero MotoCorp:
Hero MotoCorp saw a 3.2% growth in total sales, selling a total of 536,499 vehicles in September, surpassing Zee Business analysts’ estimate of 525,000 units. Within the domestic market, they sold 519,789 motorcycles and scooters.
TVS Motor Company:
TVS Motor Company experienced a seven percent increase in total sales of two-wheelers, selling a total of 386,955 units. This figure exceeded analysts’ estimates. Within the domestic market, the company sold 300,493 two-wheelers in September 2023.
Royal Enfield (Eicher Motors subsidiary):
Royal Enfield sold a total of 78,580 motorcycles in September, meeting analysts’ expectations. The company’s exports, however, experienced a decline from 8,451 units in September 2022 to 4,319 units in September 2023.
VECV (joint venture between Eicher Motors and the Volvo group):
VECV saw an 8.6% increase in total sales, selling a total of 7,198 vehicles.
Ashok Leyland:
Ashok Leyland achieved a 9.4% year-on-year increase in total sales, selling a total of 19,202 trucks, buses, and LCVs, meeting analysts’ estimates.
Overall, the auto industry experienced a mix of hits and misses during the month, with some companies surpassing expectations while others fell short.
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