Around 2.87 Lakh passenger cars were sold in the Indian market in December 2023. The sales increased by 4% when compared to December last year and dropped by 14.2% in comparison to November 2023. The Industry fell below the 3 Lakh mark for the first time in entire 2023!
The vehicle dispatches are usually low in December month citing OEMs' endeavour to reduce stock levels at dealerships. The automakers primarily focus on maximizing liquidation of the cars available by offering discounts and also announcing price increases from January. Although Dec'23 was the only month with <3 Lakh dispatches; it was the highest-ever December so far for the Indian PV Industry!
Maruti Suzuki degrew by 6.5% in Dec'23 vs. the same period last year. The OEM also recorded a drop in Market Share by over 4% in Dec'23. However, the retail sales numbers were touted to be better, as the company’s strategy was to bring the stock down substantially and it has been successful in doing that.
Tata Motors ousted Hyundai from the second spot and reported a YoY growth of over 8% and dropped by almost 6% vs last month.
Hyundai recorded a growth of 10 percent year-on-year basis to 42,750 units during Dec'23. vs 38,831 units in Dec'22. Hyundai has also recorded sales of over 6 lakh vehicles in 2023, marking its highest-ever domestic sales in the country.
Toyota regained the fourth rank and was ahead of Kia by a staggering 8,836 units. It grew by an impressive 105% over last year and by 26.3% over last month.
Market Share Graph of December 2023 -