July 2024 Car Sales – Snapshot

Around 3.43 Lakh passenger cars were sold in the Indian market in July 2024. The sales dropped by 2.5% over July last year and increased by a meager 1.1% compared to June 2024.

July 2024 continued to be a dull month for the Passenger Vehicle Industry and recorded subdued volumes due to the lack of fresh demand and last year's high base. Rains played havoc in multiple markets and impacted business accordingly. The drop in volumes has pushed OEMs to offer increased discounts to bring buyers to the brand. We saw Mahindra dropping the prices of XUV700 by Rs.1.5 Lakh in July'24 which was the highest discount offered on the model since launch! The production ramp-up by the OEMs has resulted in more wholesale billing (dispatch from OEMs to dealers) than retail (sale to end customer) in recent months. However, the onset of festive season in Aug'24 with Onam in Kerala shall support automakers to improve sales.

• Maruti Suzuki volumes fell by a massive 9.6% in July'24 vs July'23. Maruti's Market Share receded to 40.1% in July'24 and recorded a YoY MS drop of 3.2%.

• Hyundai retained the second spot from Tata Motors and recorded a fall of 3.3% YoY. It lost Market Share by -0.1%.

• Tata Motors registered -6.1% YoY drop to 44,727 units as against 47,620 units sold in the same period of 2023.