Pent-up demand revs up car sales
Passenger vehicle sales bounced back in October, with Maruti Suzuki India and Hyundai Motor posting double-digit growth on the back of pent up demand and improved buying sentiment in the festive season
The country’s largest carmaker — Maruti Suzuki India — said its sales increased 19.8 per cent in the domestic market last month to 1,72,862 units from 1,44,277 units in October 2019.
Hyundai Motor India reported its best monthly sales in the domestic market last month at 56,605 units, up 13.2 per cent from 50,010 units in October 2019 last year.
Among two-wheeler makers, Hero MotoCorp Ltd sold 806,848 units in October — its highest in a month.
However, one should bear in mind that 2019 being a year of downturn, provides a low base. “Much of the sales happening now is pent-up demand pushed by positive sentiments of a festive season that follows a prolonged period of downturn and pandemic hit recession,” said an industry insider.
Mahindra & Mahindra reported a marginal increase in passenger vehicle sales in the domestic market last month at 18,622 units compared with 18,460 units in October 2019.
In the utility segment, Mahindra sold 18,317 vehicles in the month against 17,785 vehicles a year ago, a growth of 3 per cent.
Honda Cars India registered monthly domestic sales of 10,836 units in October 2020 against 10,010 units in the corresponding month last year, a rise of 8.3 per cent.
Toyota sold 12,373 units in the month, clocking a growth of four per cent over the year-ago period.