June 2024 Car Sales – Snapshot

Around 3.4 Lakh passenger cars were sold in the Indian market in June 2024. The sales grew by 3.6% over June last year and by 0.7% compared to May 2024.

June 2024 was 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. The results of general elections, severe heat waves, and declining customer order bank impacted the Industry. The OEMs have started flooding the market with increased discounts and offers. Discounts have now shot up to as high as Rs 1.5 lakh on specific models, including hatchbacks, sedans, and electric vehicles. The stress is also visible in the Vahan registrations data - the PV industry recorded a drop of -6.7% YoY and -7.8% MoM. 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. The dealer stock levels is now averaging nearly two months across the channel.

• Maruti Suzuki volumes remained almost flat in May’24 and saw an increase of 3.4% vs. the same period last year and -0.6% vs last month. Maruti's Market Share receded to 40.4% in June'24.

• Hyundai retained the second spot from Tata Motors and recorded growth of 0.2% YoY. It anyhow lost Market Share by -0.5%. It recorded sales of 50,103 vehicles in June 2024, up from 50,001 vehicles sold in June 2023.

• Tata Motors registered -7.9% YoY drop to 43,527 units as against 47,240 units sold in the same period of 2023. The OEM registered the highest drop in Market Share and the gap also widened with Hyundai in June'24.

• M&M & Toyota remain to be the exceptional performers and recorded a massive 22.8% and 41.2% YoY growth respectively. The launch and dispatches of XUV 3XO, Taisor have led to the spurt in volumes and Market Share.

Market Share Graph for June 2024 -