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Around 3,45,805 passenger cars were sold in the Indian market in January 2023. The sales increased by over 17% when compared to January last year and the industry shot up by 25.7% in comparison to December 2022.
The OEMs pumped up supplies in January 2023 considering the reduced despatches in December 2022. Do note that the volumes had fallen below the 3L mark in Dec'22 owing to rationalize stocks at the dealership of the outgoing year model. However, the OEMs ramped up production and neared 3.5 Lakh units of Wholesales/Billing to the dealerships. What we understand is that the retail situation was not good in Jan'23 and shall be clear in the registration data released from VAHAN.
In overall, it was a positive start for the Industry and OEMs are off to a decent start. The supply issues is tapering out and the OEMs are all ready to cater to the demand.
Maruti Suzuki’s domestic sales grew over 14 percent YoY but saw Market Share falling by 1.1%. Maruti is currently having an order backlog of around 3,50,000 units; which translates to almost 2 months of production. However, it is carrying strong demand and waiting for its newly launched Grand Vitara.
Hyundai's sales in Jan 2023 stood at 50,106 units, up 13.8% from 44,022 units sold in Jan 2022. It was able to regain its second spot from Tata. Its SUV models – Creta, Venue, Tucson, Alcazar, and Kona Electric continue to maintain strong sales momentum. This lot of five SUVs together sold 27,532 units in January, which accounts for 55% of total sales.
Tata Motors PV sales (including EVs) went up by 18% at 47,990 units and was able to maintain its Market Share.
Mahindra sold 33,040 passenger vehicles in January 2023, witnessing a 66% growth compared to 19,860 units sold during the same period last year.
Kia India recorded its highest-ever domestic monthly sales of 28,634 units in Jan’223, which is a 48% YoY increase over Jan’22 volumes. The OEM's previous monthly best was 25,857 units in Sep’22.
Market Share Graph for January 2023 –
