Passenger Vehicle Sales: September 2023

Passenger vehicle sales in the month of September registered marginal growth of 0.72% compared to August 2023, while year-on-year growth was 2.3%. All major manufacturers except Maruti Suzuki, Tata, Skoda, VW, and Renault register growth on a month-to-month basis. The year-on-year performance of Maruti Suzuki, Hyundai, M&M, Toyota, Honda, MG, and Skoda registered growth, while manufacturers like Tata, Kia, VW, Renault, Nissan Citroen, and Jeep registered negative sales.

Maruti Suzuki’s sales were dominated by its large SUV and crossover portfolio, while its entry-level cars registered a drop in sales.

Hyundai performed well, with 9% growth on a YoY basis. Exter helped it post sales figures above the 50,000 mark in September 2023.

Tata Motors saw a decline in both MoM and YoY basis that can be attributed to the launch of the Nexon facelift and the upcoming launches of the Safari and Harrier SUV.

Mahindra and Mahindra performed exceptionally well, with considerable growth in MoM and YoY. It registered its highest ever monthly sales and also recorded the highest sales for the third consecutive month.

Toyota’s growth is also commendable, with a massive growth of more than 44% on a year-over-year basis. Products from Suzuki’s stable helped Toyota register 5.71% growth on a MoM basis.

Kia Motors sales dropped by more than 22% on a YoY basis; however, they registered a MoM growth of nearly 4.2%.

Honda’s sales figures appear to have come back to track with the arrival of the midsize SUV, the Honda Elevate. It registered a MoM growth of more than 25%, while its yearly sales increased by more than 13%. The upcoming holiday season may bring more buyers to Honda.

Recently, we reported that MG Motors cut the prices of its Hector and Hector Plus SUVs. Although the announcement came in the later half of September, it might have helped MG increase customer footfall in MG’s showrooms. The OEM registered a healthy growth of 19% on a MoM basis and 31% on a YoY basis.

Sales of the VW group cars saw a mixed response from the buyers, with both Skoda and VW registering negative growth in monthly comparison, while Skoda registered 18.8% YoY growth, and sales of VW brand cars fell by 13% on an annual basis.

Renault, Nissan, Citroen, and Jeep all registered sales declines compared to last year’s sales, but Citroen and Jeep registered MoM growth.