2024-03-07 13:56:41
In February 2024, the Indian passenger vehicle segment recorded good growth. And last February 2024, the four-wheeler industry recorded the third-highest monthly dispatches ever from OEMs to dealerships. Compared to 3,35,324 units of cars sold in February last year (2023), this number has increased to 3,73,177 units in February this year (2024), showing a year-on-year (yoy) growth of 11.3% in the domestic market.
Although February 2023 PV sales saw an all-time high in February sales volume, the current year (2024) February PV sales have broken that record and set a new record. However, February 2024 PV sales have lagged behind PV dealer dispatches of 3,94,500 units in January 2024 and 391,811 units in October 2023.
Sales of passenger vehicles in India were at a record high in February this year on the back of strong demand and improved supply for sports utility vehicles (SUVs), industry sources said.
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Although retail sales were lower than total sales in February 2024, it is estimated to be around 3,35,900 units, up 11.3% from 3,01,900 units in the same month last year. Maruti Suzuki is back in the lead with sales of 1,60,271 units in February 2024. The company sold 1,60,271 units in February 2023, registering a year-on-year growth of 8.7%. Tata Motors once again leads by selling more cars than Hyundai Motors India in monthly PV total sales in February 2024.
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Tata Motors recorded a growth of 19.6% yoy at 51,267 units compared to only 42,862 units sold in February last year. At the same time, Hyundai Motors India of South Korea sold 50,201 units in February last year, registering a growth of 6.8% yoy, compared to 47,001 units in February last year.
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Mahindra & Mahindra, which had sold only 30,358 PV units in February 2023, has registered a growth of 39.7% to sell 42,401 units in February 2024. In February 2024, Toyota is in fifth place with sales of 23,300 vehicles. The company has now registered a growth of 51.9% after selling only 15,338 vehicles in February 2023.
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- First Published : March 7, 2024, 7:26 pm IST
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