Carmakers post double-digit growth in March

Tribune News Service

Vijay C Roy

Chandigarh, April 1

Strong growth in SUV sales and rising popularity of emission-friendly powertrains propelled passenger vehicle sales in March. Major original equipment manufacturers such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Toyota Kirloskar Motor posted double digit in March 2024 as compared to March 2023.

Maruti Suzuki, registered domestic sales of 1,52,718 passenger vehicles in March, witnessing a YoY growth of 15 per cent, as compared to 1,32,763 units in March last year. For Maruti Suzuki, the mini and compact segment, which consists of Alto, S-Presso, Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR registered sales of 81,673 units in March against 83,414 units sold in the same month last year a YoY decline of 2 per cent. During the same period, 58,436 SUVs were sold, a YoY increase of 57.7 per cent.

Tata Motors’ total domestic passenger vehicle (PV) sales rose 14 per cent to 50,110 units in March as against 44,044 units sold in March 2023. In March 2024, the company crossed sales of 50,000 units for the third consecutive month, led by new launches in CNG and EVs and continued strong response being received for the new Nexon, Harrier and Safari, launched in earlier quarters. Shailesh Chandra, MD, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, said, “Passenger vehicle sales in India are projected to set a record in FY24 with over 4.2 million units.”

Mahindra & Mahindra Ltd (M&M) sold 40,631 utility vehicles in the domestic market, a growth of 13 per cent. Toyota Kirloskar Motor maintained its sales momentum as it recorded a 25% growth by selling 27,180 units compared to 21,783 units in March’2023. Domestic sales accounted for 25,119 units while exports totalled 2,061 units during the same month.