Leading automobile companies reported a double-digit growth in wholesales in April following robust demand for sports utility vehicles. However, exports came under pressure on account of adverse global economic situation.
Market leader Maruti Suzuki India Ltd. domestic wholesales rose 12.56% year-on-year to 1,39,519 units.
Exports slid 8% to 16,971 units. Hyundai Motor India Ltd. domestic sales to dealers rose 12.9% to 49,701 units while shipments of 8,500 units fell 30.3%
“We are delighted to register a healthy double-digit growth in the domestic market in the month of April. This strong growth has been backed by an overwhelming response to the recently launched all-new Hyundai Verna that has more than doubled its volumes from its earlier version,” said Tarun Garg, COO, Hyundai Motor India Ltd. said,
Tata Motors Ltd. domestic wholesales of 47,007 units in April, rose 13% YoY.
Kia India reported sales of 23,216 units in April 2023, up 22% YoY. MG Motor India said it’s April 2023 sales at 4,551 units more than doubled from the year-earlier period.
Honda Cars India Ltd. (HCIL), registered monthly domestic sales of 5,313 units in April 2023, a drop of 32.52% YoY. The export numbers for HCIL stood at 2,363 units for the month, up 16% YoY.
Yuichi Murata, Director, Marketing and Sales, Honda Cars India Ltd. said, “Our sales results are in line with our plan. We are pleased to start the new financial year with a positive consumer sentiment and healthy market demand.”
Nissan Motor India registered domestic wholesales of 2,617 units, up 24% YoY. Export wholesales stood at 632 units for the month of April 2023 Suzuki Motorcycle registered sales of 88,731 units, up 23.3% YoY.
Honda Motorcycle & Scooter India said it sold 3,74,747 units, including exports of 36,458 units in April 2023. The company has not provided the figures of the year earlier period.
Royal Enfield posted a total wholesales of 73,136 motorcycles in the month of April, up 18% YoY. Out of this, exports were to the tune of 4,255 motorcycles, down 49% from the year- earlier period.
Rohan Kanwar Gupta, Vice President & Sector Head – Corporate Ratings, ICRA said, “The wholesale dispatches of passenger vehicles continued to remain at healthy levels in April 2023, aided by robust order books across OEMs and steady demand, even as there continues to be concerns regarding moderation in demand on account of the rise in the cost of ownership. In April 2023, domestic wholesale volumes are estimated to have been about 3.4 Lakh units, representing a marginal growth on a sequential basis and a healthy about 15% growth on a YoY basis. Even as the production levels of OEMs remained at healthy levels, they continue to be impacted to an extent by a shortage of electronic components.”
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