
Auto sales jump 19% in festive season; price hikes in the offing
Several automakers on Monday announced their plans to raise prices by January 2024.
Several automakers on Monday announced their plans to raise prices by January 2024.
Overall automobile exports declined by 6.02% YoY during the period under review.
In August, domestic utility vehicle sales stood at 1,20,031 units, declining by 10% against 1,33,477 units in the same period last year
The domestic automobile retail sales stood at 3,43,000 units during the month under review, up 7.3% vis-a-vis 3,19,800 units in the same period last year.
Notably, the wholesale in the automobile industry stood at 3,52,000 units as against 3,19,500 retail sales in July.
The total passenger vehicle domestic sales surged 9.4% to 9,95,974 units in Q1 of FY24 as against 9,10,495 units sold in the same period last year.
Maruti Suzuki, the country's largest carmaker, reported a 10.3% year-on-year (YoY) surge in its sales to 1,78,083 units as against 1,61,413 units in the same period last year.
Passenger vehicle sales were the highest, witnessing a surge of 26.7% to 38,90,114 units in FY23, as against 30,69,523 units in the same period last year.
While share prices of leading automobile manufacturers such as Maruti Suzuki, Tata Motors and Mahindra and Mahindra surged as much as 3.5% on Monday, the Nifty Auto index surged 1.53% to 12,430.90.
In the quarter, 517,898 units of utility vehicles were sold in the domestic market, whereas passenger cars did sales of 468,513 units.