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regular-article-logo Wednesday, 19 June 2024

Car sales reach all-time high of 4.2 million powered by growth in SUVs, EV and CNG segments

With sales of cars powered by traditional fuels (petrol and diesel) flattening, almost the entire incremental volume growth of FY24 is from sales of emission-friendly powertrains

Our Special Correspondent Calcutta Published 02.04.24, 12:16 PM
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Car sales in the last fiscal reached an all-time high of 4.2 million, powered by SUVs, which comprise over 50 per cent of sales and the growing popularity of emission-friendly powertrains.

With sales of cars powered by traditional fuels (petrol and diesel) flattening, almost the entire incremental volume growth of FY24 is from sales of emission-friendly powertrains.

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EV and CNG segments posted a growth of 70 per cent and 55 per cent, respectively, in FY24 over FY23, on the back of multiple launches, lower operating costs and growing consciousness among customers to be environment friendly.

Maruti Suzuki India sold 18,719 units in March 2024, of which 156,330 units were sold in the domestic market and 4,9764 units were sold to other OEMs.

Exports constituted 25,892 units. For the financial year, the company posted its highest ever total sales of 2,135,323 units, of which 1,793,644 units were sold in the domestic market and exports totalled 28,30,676 units.

Hyundai Motor India Ltd has registered its highest ever total sales of 7,77,876 units in FY 23-24 with an Y-o-Y growth of 8 per cent over last year. It also reported the highest ever domestic sales since inception of 6,14,721 units in FY23-24 backed by robust demand for its products in India.

In FY24, Tata Motors Passenger Vehicles (including EVs), posted its third consecutive year of highest ever sales with wholesales of 5,73,495 units (up 6 per cent over FY23) and retail sales growing around 10 per cent over FY23, according to Vahan data.

M&M’s overall auto sales for March stood at 68,413 vehicles, a growth of 4 per cent, including exports.

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