Around 3.98 Lakh passenger cars were sold in the Indian market in October 2024. Sales increased by 1.8% over October last year and rebounded by 10.9% compared to October 2024.
October 2024 was a critical month for the Passenger Vehicle Industry as both Dussehra and Diwali festivals were in the same month. The piling stock levels at OEMs and dealerships ensured the highest discount was offered. It was definitely a buyers' market and customers directly benefited from their purchase in the festive month. Oct'24 proved to be a respite for the automakers in overall and the festive push helped OEMs to register record volumes. Maruti Suzuki reported its record-high wholesale sales of 206,434 units for October 2024, marking its highest monthly volume ever (including exports & sales to other OEMs).
Mahindra volumes and Market Share has skyrocketed post Thar Roxx launch and price cut in XUV700! It is the second month in succession that M&M has overtaken Tata for the third spot and has clocked all-time high monthly dispatches! XUV700 crossed the 10k mark for the first time ever in Oct'24. Mahindra's Market Share YoY growth of 2.5% remained to be the highest in the Industry and was followed by Toyota (+1.8%).
Maruti Suzuki took a hit in dispatches for Oct’24 and recorded wholesale of 1,59,591 units, down from 1,68,047 cars sold in Oct’23, with a 5% YoY decline in sales and a loss of 2.9% in Market Share. However, we understand that the OEM has been able to retail (dealer to end customer) over 2 Lakh units.
Hyundai India recorded an offtake of 55,568 units in Oct’24 and was up 0.8% vs Oct'23. Hyundai mentioned that its SUV range accounted for 68.2% of the OEM’s total sales in Oct'24, while CNG contributed to 14.9% of the overall sales.
October’24 was Mahindra’s best month to date and dispatches of 54,504 units improved upon Sep’24 performance by 6.7% and marked the tenth straight month that M&M has dispatched over 40k units!
Tata Motors registered an offtake of 48,133 units in Oct’24, down from 48,343 vehicles sold in Oct’23, recording an 0.4% decline in sales.