Maruti Suzuki, a leading automobile manufacturer, surpassed Mahindra & Mahindra in August to become the top producer of sports utility vehicles (SUVs) in India, as stated by Shashank Srivastava, the Executive Director at Maruti Suzuki, in an interview with CNBC-TV18 on September 4.
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Srivastava also revealed that the company achieved a 16.5 percent year-on-year (YoY) growth last month, outpacing the industry’s growth rate.
“We will cross 1 million sales this festive season. Festive season generally sees 26 percent of overall annual sales. Introduction of four new SUVs has resulted in higher market share for Maruti. We saw retail growth of 25 percent in Kerala during Onam season this year,” remarked Srivastava.
Srivastava further pointed out that the small car segment’s share in the overall auto industry has decreased from 35 percent to 30 percent over the past year, while the SUV segment is experiencing robust growth. “SUVs now form 49 percent of the overall market compared to just 29 percent a few years ago,” he added.
In August, Indian automakers reported increased sales in both passenger and commercial vehicles. Maruti Suzuki and Mahindra and Mahindra saw their passenger vehicle (PV) sales grow by 16.4% and 26%, respectively, compared to the same period last year.
Mahindra Records 19% Growth; Tata Declines by 3.5%
Mahindra & Mahindra Ltd. (M&M Ltd.) reported overall auto sales of 70,350 vehicles in August 2023, marking a 19% growth, including exports. In the Utility Vehicles segment, Mahindra achieved its highest-ever SUV sales with 37,270 vehicles sold domestically and a total of 38,164 vehicles, including exports. Domestic sales for Commercial Vehicles reached 23,613 units.
In contrast, Tata Motors recorded a 3.5% decline in PV sales. Tata Motors Limited reported total sales of 78,010 vehicles in both domestic and international markets in August 2023, compared to 78,843 units in August 2022. Domestic sales of Medium and Heavy Commercial Vehicles (MH&ICV) in August 2023, including trucks and buses, amounted to 13,306 units, with a total of 13,816 units for MH&ICV in both domestic and international markets.
Among two-wheeler manufacturers, TVS Motor Company reported a 5% increase in sales, while Bajaj Auto experienced a 31% decline. Eicher Motors saw an 11% growth in total motorcycle sales.
