June Auto Sales Update: An Overview of the Automotive Market
Automakers have recently disclosed their June sales data, which offers a glimpse into their performance during that month. While the performance varied across the industry, weak exports remained a concern for most automakers. There was tepid demand for passenger vehicles in June, particularly in the small car segment, with discounts increasing.
Maruti Suzuki India, the country's largest auto company in terms of market share, witnessed a 1.6% year-on-year increase in sales, selling 1.5 lakh units in June. Domestic sales grew by 6.1%, while exports experienced a decline of 17%. Maruti's sales of utility vehicles, however, surged by 130% to 43,404 units, while the mini and compact segment saw a decline of 14.8%.
Royal Enfield achieved its best-ever first-quarter performance in FY24, selling 2,27,706 motorcycles.
Hyundai Motor India reported 5% increase in sales, selling 65,601 units in June compared to 62,351 units in June 2022. Domestic sales rose by 2% to 50,001 units, up from 49,001 units in the same period last year. In contrast to Maruti Suzuki, Hyundai's exports grew by 17% in June.
Tata Motors recorded a 1.1% decline in sales at 81,673 units, slightly higher than the estimated figure of 78,000 units year-on-year.
Eicher Motors reported a 6.5% increase in total VE commercial vehicle sales in June, reaching 6,725 units compared to 6,307 units in the previous year.
Honda Cars India witnessed a 35% decline in sales, selling 5,080 units in June.
MG Motor India reported a 14% rise in retail sales, reaching 5,125 units, showing a 40% increase from the previous quarter. The company mentioned that supply was affected by cyclone Biparjoy, but customer demand is expected to pick up.
Atul Auto experienced a 30.3% decline in sales, selling 1,267 units in June, down from 1,818 units in the same period last year.
SML Isuzu reported a total sales figure of 1,279 units in June, representing a 3% decrease compared to 1,322 units.
Escorts Kubota witnessed a 2% decrease in sales during the reviewed period, attributed to the adverse effects of delayed monsoon conditions.
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