February 2023 Car Sales – Snapshot
Around 3,34,245 passenger cars were sold in the Indian market in February 2023. The sales increased by over 10% when compared to February last year and the industry fell down by 3.3% in comparison to January 2023.
The PV volumes crossed 3 Lakh units for the second month in succession in CY2023 and for the eighth time in FY2022-23! This clearly highlights an improved supply scenario and also sustained demand in the industry. However, the volumes are still aggregated by the Top OEMs - The Top 5 OEMs constitute over 87% of the Industry's volumes.
The Industry is also undergoing the transition to RDE (also termed as BS6 - 2.0). Many OEMs have already started dispatching the updated models - But the price is bound to increase significantly and diesel models shall be the costliest ever! Are the customers ready to bear another price hike and do note that the sentiments are already marred with sky-high interest rates.
Maruti Suzuki’s sales grew over 10 percent YoY but saw Market Share falling by 0.1%. Maruti is currently having an order backlog of around 4,05,000 units; which translates to over 2 months of production. It has also garnered a significant amount of bookings for upcoming Fronx and Jimny.
Hyundai India is all set to register its best-ever FY sales in FY2022-23! Hyundai's sales in Feb 2023 stood at 46,968 units, up 6.6% from 44,050 units sold in Feb 2022.
Tata Motors recently celebrated its 50 lakh production mark milestone! The OEM is rapidly racing towards the No.2 spot and is trying all means possible to overtake Hyundai. The capacity of the OEM is already near the 1 million mark both PVs and EVs included. The capacity is at a level of 50k units which means an annual level of 6,00,000 and the Ford plant at Sanand adds to 3,00,000 that can be expanded to 4,20,000.
Mahindra sold 30,221 passenger vehicles in February 2023, witnessing a 9.8% growth compared to 27,536 units sold during the same period last year.
Kia India continues to gain volumes and registered over 35% YoY sales which was the highest growth in the Top 5 OEMs!
Market Share Graph for February 2023 –