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Around 3.54 Lakh passenger cars were sold in the Indian market in August 2024. The sales dropped by 1.7% over August last year and increased by 3.3% compared to July 2024.
August 2024 remained a dull month for the Passenger Vehicle Industry and was the second consecutive month to register a YoY decline. Rains played havoc in multiple markets (Kerala, Gujarat, etc) and impacted business accordingly. Reports of increasing inventory levels at dealerships and subsequently rising discounts on cars highlight the stress in the overall market. OEMs have reportedly started to reduce dispatches to dealerships to control stock levels. India's top 3 car makers recorded sales decline in Aug 2024.
August 2024 saw the launch of Mahindra's much anticipated Thar Roxx and the country's coupe onslaught by Tata (Curvv) and Citreon (Basalt). The new launches before the festive season is bound to help the respective OEMs gain volumes and attract footfalls to their showrooms. The race for the 2nd, 3rd, and 4th spot is now all more interesting as Mahindra is now at Tata's tail by a whisker - M&M was just 865 units short of Tata in Aug'24! With the new launches, Tata & Mahindra would aspire to jump to the No.2 rank. However, Hyundai shall leave no stone unturned to protect its turf and utilize the Alcazar launch and upcoming IPO to its benefit.
Maruti Suzuki volumes declined by 8.4% in Aug'24 vs Aug'23. Maruti's Market Share receded to 40.4% in Aug'24 and recorded a YoY MS drop of 3%. August 2024 marked the second straight month of decline for Maruti Suzuki.
Hyundai retained the second spot and recorded a fall of 8% YoY. It lost Market Share by 1% and was the third month in this FY that Hyundai's monthly sales have dipped below the 50k mark.
Tata Motors dispatched 44,142 units to its dealers in August 2024, down from 45,515 units in August 2023, recording a 3% YoY decline.
Mahindra, Toyota, and Kia managed to record Year-on-Year growth amid the overall sales slump.
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