2024-01-01 14:08:30
Sales of sports utility vehicles (SUVs) rose in December, while sales of small cars fell despite deep discounts, data from Indian automakers showed on Monday.
While sales of entry-level vehicles remain weak due to inflation, automakers have benefited from sales of high-end vehicles, aimed at a wealthier population that has not been affected by rising prices. price.
Maruti Suzuki and Mahindra & Mahindra reported SUV sales growth in the domestic market of 24% and 39% respectively year-on-year.
The SUV segment of Indian automakers enjoyed strong demand throughout last year.
Mahindra, which makes SUVs such as the Thar, Scorpio and XUV, has seen several months of record sales in this category in 2023. Since the start of the financial year, its sales have increased by 20-57% each month.
SUV sales accounted for 36% of Maruti’s domestic passenger vehicle sales year-to-date, up from 22% in the previous fiscal, while they account for almost all passenger vehicle sales from Mahindra.
The end of the year, when automakers typically give deeper discounts, coupled with weak demand for entry-level vehicles, has prompted Maruti to increase discounts on its cheapest models by 40-45 percent. .
However, sales of its small cars, such as the Alto and Baleno, were down 29%. This decline is also due, in part, to moderation in Maruti’s wholesale sales.
Tata Motors reported an 8% growth in its passenger vehicle sales in the domestic market, without specifying the growth rates of different car categories.
Among two-wheelers, domestic sales of Bajaj Auto and TVS Motor jumped 26% and 27% respectively, while sales of Eicher Motors’ Royal Enfield motorcycles fell 7%.
Bajaj and other two-wheeler makers benefited from the wedding season that took place in the first half of the month, analysts said. (Reporting by Varun Vyas and Nandan Mandayam in Bengaluru; Editing by Sohini Goswami and Lisa Shumaker)
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