Around 3.27 Lakh passenger cars were sold in the Indian market in June 2023. The sales increased by over 2% when compared to June last year and declined by 2% in comparison to May 2023.
The easing semiconductor supplies have led to a spurt in dispatches by the automakers and increased dealer network stock. The stock levels at dealerships have already reached pre-covid levels and the waiting period has now reduced for all models.
The OEMs are now gearing up for new launches before the festive period. Do note that 8.3% of Maruti Suzuki sales came from New launches (11,062 units of Jimny+Fronx dispatched in June'23). Honda is all set for launching the Elevate and bookings to start from July'23, Kia is preparing for the New Seltos launch, and Nexa will launch the Invicto. Going by the trend, it is anticipated that the PV industry shall grow in single digits in FY2023-24.
Maruti Suzuki dispatched 1,33,027 units in June 2023, an 8.4% YoY increase and a -7.4% MoM drop.
Hyundai reported wholesales of 50,001 units, which is a 2% increase YoY over June'22 49,001 units. It is the third month in 2023 that Hyundai would have surpassed the 50k mark. Hyundai is planning to launch the Exter in July'23 and widen the gap with Tata Motors.
Tata Motors dispatched a total of 47,240 units, which is a 4.5% YoY increase, and an increment of 3% MoM. Tata Motors also reported the highest-ever quarterly sales of 19,346 in Q1 FY24, registering a growth of 105 percent over Q1 FY23!
Mahindra reported wholesales of 32,585 units in June 2023, which is a 22.6% YoY increase, but 0.9% down from May 2023.