After a record all-time high numbers in fiscal 2024, passenger vehicle wholesales during April grew marginally 1.76 per cent year-on-year at 3,38,341 units due to high base of last year and lukewarm retails during the electioneering season in the country.
The auto industry’s total car wholesales dispatches were 3,32,468 units in April 2023, monthly data from the companies showed on Wednesday.
Each month, automobile makers in India release wholesale numbers, or vehicle sales from factory gates to dealers.
The auto sector carries more than 50 per cent weightage in calculating the country's economic growth.
The SUV segment continued to contribute a major chunk of volumes at 1,81,044 units, which is 53.5 per cent of the total passenger vehicles sold in the domestic market.
The total SUV sales grew by 15 per cent on an annual basis in April 2024.
Maruti Suzuki, India’s biggest car maker, reported flat wholesales in April at 1,37,952 units as against 1,37,320 units sold in the same month last year.
“The flat sales in the passenger vehicle industry were due to two reasons. First of all, we started on the high base this (fiscal year) compared to last year. Another reason for flat growth is the election phase the country is going through and the model code of conduct coming into effect, “Partho Banerjee, Senior Executive Officer, Marketing & Sales at Maruti Suzuki told reporters in a virtual call.
“Things will remain the same until the month of June and after the new government formation we will see a revival in the market,” he said.
Banerjee also asserted that the industry will grow in single digits during the entire fiscal.
Hyundai Motor dispatched just 1 per cent more cars at 50,201 units last month compared with 49,701 units dispatched to dealers a year ago.
Tata Motors, the third-ranked passenger vehicle maker’s wholesales also grew 2 per cent at 47,983 units as against 47,107 units last year.
However, Toyota Kirloskar Motor reported robust sales at 34 per cent year-on-year at 18,700 units in April as against 13,896 units sold in the same month last year.
Honda Cars registered total sales of 10,867 units in April as compared to 7,676 units in the same month last year.
Wholesales at MG Motors marginally declined at 1.4 per cent at 4,485 units last month compared with 4,551 units it sold in the same month last year. The company’s EV portfolio contributed 34 per cent of the total units sold in this period.
