As October transitions into November, automakers have seen a rise in sales because of the festive season. This has been anticipated by automakers like Maruti Suzuki, Tata Motors, and, Hyundai, and two-wheeler manufacturers like Hero MotoCorp, TVS, and Bajaj, all have been looking for an increase in sales during the festive season.
Hero Moto Corporation Ltd
In October 2024, Hero MotoCorp reported an impressive 18% increase in motorcycle and scooter sales compared to the same month last year, reaching a total of 6.79 lakh units. The surge was largely fueled by strong demand in both urban and rural markets, especially for 100cc and 125cc models during the festive season.
Domestic sales rose by 17%, totaling 6.57 lakh units, while exports saw a remarkable 43% increase, amounting to 21,688 units. However, scooter sales experienced a slight decline of 5%, totaling 43,304 units.
Eicher Motors Ltd
Eicher Motors’ Royal Enfield achieved a record-breaking milestone in October 2024, with sales reaching 1,10,574 motorcycles, the highest in the brand’s history. This marks a remarkable 31% increase from the previous year, which saw sales of 84,435 motorcycles. Domestic sales rose by 26%, totaling 1,02,000 units, while exports surged by an impressive 150%, reaching 8,688 units compared to just 3,477 units last year.
VE Commercial Vehicles Ltd, a joint venture between the Volvo Group and Eicher Motors Ltd, saw a 5% decline in sales at 7,112 units in October. Domestic sales fell 6.6% to 6,611 units of Eicher trucks and buses.
TVS Motors Ltd
TVS Motor Co. achieved record monthly sales in October 2024, totaling 4,89,015 units, marking a 13% increase from 4,34,714 units in October 2023. Two-wheeler sales rose by 14%, reaching 4,78,000 units, while electric vehicle sales surged by 45% to 29,308 units. However, three-wheeler sales fell by 23%, totaling 10,856 units. Exports also saw a 9% increase, amounting to 95,708 units.
Bajaj Auto Ltd
In October 2024, Bajaj Auto reported sales of 4,79,707 units, reflecting a 2% increase from 4,71,188 units in the same month last year. This total includes domestic sales of 3,03,831 units, which saw an 8% decline year-over-year, while exports rose by 24%, reaching 1,75,876 units. The company also sold 4,14,372 two-wheelers, marking a 2% increase, along with 65,335 commercial vehicles, which represented a 4% rise compared to October 2023.
Maruti Suzuki India Ltd
Maruti Suzuki India (MSI) sold 2,06,434 units in October 2024, marking a 4% increase from 1,99,217 units the previous year. While MSI continues to lead in the domestic passenger vehicle market, total sales for this segment dipped by 5% to 1,59,591 units. However, exports surged to 33,168 units, up from 21,951 units last year. This trend indicates a growing demand for Maruti’s vehicles, particularly SUVs, which remain popular among Indian consumers.
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TATA Motors Ltd
Tata Motors Limited reported total sales of 82,682 vehicles in October 2024, slightly down from 82,954 units a year earlier. Domestic sales were stable at 80,839 units compared to 80,825 units in October 2023. In the passenger vehicle segment, including electric vehicles, sales decreased marginally to 48,131 units.
Additionally, foreign market sales dropped to 292 units from 300. The company’s passenger electric vehicle sales saw a 2% decline, totaling 5,355 units, despite the introduction of new models like the Punch EV and Curvv EV.
Mahindra & Mahindra Ltd
Mahindra & Mahindra reported strong sales in October 2024, with a total of 96,648 units sold, representing a remarkable 20% increase compared to the 80,540 units sold last year. The management further informed that they have achieved the highest-ever SUV sales, with 54,504 vehicles sold in October, marking a 25 percent increase.
This growth underscores the company’s expanding presence in the automotive market and reflects robust demand across its vehicle lineup. The rising consumer preference for Mahindra’s SUVs and utility vehicles further contributes to its success, positioning the brand favorably in a competitive landscape.
Hyundai Ltd
The company reported a 2% increase in total sales at 70,078 units in October as compared to 68,728 units in the same month last year. Domestic sales were up marginally at 55,568 units last month as compared to 55,128 units in October 2023, the newly listed firm said in a regulatory filing. Exports were up 6.7% at 14,510 units as compared to 13,600 units in the year-ago month, it added.
Conclusion
In conclusion, it will be intriguing to see if the auto stocks recover following the inconsistent October vehicle sales figures. Since the auto sector is still one of the most important economic indicators, weak demand or poor sales statistics could eventually portend an impending recession.
Written By: Dipangshu Kundu
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