In September, the wholesale of passenger vehicles in India reached record levels as automakers shipped stocks to dealers to meet the strong demand during the festive season. The industry recorded a total of 363,733 units dispatched, the highest ever for a single month. Maruti Suzuki India’s Senior Executive Officer, Shashank Srivastava, stated that September’s dispatches were not only the highest for the month but also the highest for any month in the history of Indian passenger vehicles. The increase in dispatches was attributed to dealers preparing for the upcoming festive season, which starts on October 14. Srivastava also mentioned that September saw a robust demand in western and southern states due to various festivals, leading to an increase in car sales. Another contributing factor was the improved availability of cars as chip supplies stabilized. Maruti Suzuki, Hyundai, Toyota, and Mahindra & Mahindra reported their best-ever monthly wholesales as they ramped up supplies to meet the high demand during the festive season. Mahindra & Mahindra specifically reported the highest-ever wholesale of SUVs, with 41,267 units sold, a 20% growth compared to September 2022. Srivastava highlighted that the wholesales in the April-September quarter were also the best ever for the passenger vehicle industry. He expressed optimism that the industry was on track to reach the 40-lakh unit mark for both the financial year and the calendar year. Maruti Suzuki India recorded a 3% year-on-year increase in total wholesales, reaching 181,343 units, its highest ever for a single month. The domestic passenger vehicle sales also saw a 2% growth compared to September 2022, totaling 150,812 units. Hyundai Motor India reported a 13% year-on-year increase in total wholesales, reaching 71,641 units, the company’s highest-ever for a month. Domestic sales in September rose to 54,241 units, up 9% from the previous year. Toyota Kirloskar Motor saw a 53% year-on-year increase in total wholesales, reaching 23,590 units, its highest-ever for a month. Tata Motors reported a 2% rise in total domestic vehicle sales, reaching 82,023 units. However, their passenger vehicle sales in the domestic market, including electric vehicles, saw a 6% decline compared to September 2022. MG Motor India reported a 31% year-on-year growth in retail sales, totaling 5,003 units in September 2023. The ongoing festive season has contributed to this strong sales momentum. For more updates on the stock market and other business, politics, tech, sports, and auto news, visit Zeebiz.com.
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