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Indian carmakers post higher March sales; end fiscal 2024 at record levels

Employees work inside the Mahindra & Mahindra manufacturing plant in Chakan

By VarunVyas Hebbalalu

BENGALURU (Reuters) -Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday.

Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers.

WHY IT'S IMPORTANT

The numbers are seen as a key indicator of private consumption in India. The auto sector has more than 50% weightage in calculating the country's economic growth.

CONTEXT

A surge in domestic sales of pricier sport utility vehicles (SUVs) last year has extended into 2024. Utility vehicles accounted for nearly 60% of total passenger vehicle sales from April 2023 to February 2024, according to industry data.

Entry-level car sales floundered last year. In a bid to increase demand, automakers have banked on higher discounts in the segment.

Meanwhile, product launches and improved rural demand for entry-level models have helped bolster two-wheeler sales, while the high-end segment has seen fierce competition.

BY THE NUMBERS

Manufacturer Total March Sales Y/Y change in Total FY24 Sales Y/Y change in

(units) March (%) (units) FY24 (%)

Mahindra & 68,413 3.5 824,939* 18.1

Mahindra Auto

Mahindra & 26,024 -25.7 378,386 -7.1

Mahindra Farm

Equipment

Hyundai Motor 65,601 6.7 777,876* 8.0

India

Tata Motors 92,559 1.7 969,340* 1.5

Maruti Suzuki 187,196 10.1 2,135,323* 8.6

Toyota Kirloskar 24.8 48.3

Motor 27,180 263,512*

4.6 9.3

Eicher Motors 75,551 912,732*

Motorcycles

Hero -5.6 5.5

MotoCorp 490,415 5,621,455

TVS Motor 11.8 13.8

354,592 ~4,191,000*

Eicher Motors -5.6 7.5

Trucks and Buses 11,242 85,560

* Record high sales

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva)