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Around 3.94 Lakh passenger cars were sold in the Indian market in January 2024. The sales increased by 14% when compared to January last year and shot up by a mammoth 37% in comparison to December 2023. The Industry was inches away from the 4 Lakh dispatch landmark!
The vehicle dispatches from OEMs to dealers usually shoot up in January citing the supply on new Manufacturing Year models and increasing stock levels accordingly. Jan'24 was no different and the majority of OEMs increased the dispatches significantly in Jan'24 when compared to Dec'23. The dispatch numbers recorded in January 2024 was the best-ever monthly sales reported to date! (previous best was recorded in Oct'23).
Maruti Suzuki registered the highest-ever sales number in its history. It grew by 13.2% in Jan’24 vs. the same period last year and increased by 59.2% vs last month. It however lost 0.2% Market Share in Jan'24 vs Jan'23.
Hyundai India grew dispatches by 14% to record its highest-ever monthly domestic sales of 57,115 units in January 2024. It also snatched back its second position from Tata Motors in Jan'24.
Tata Motors slipped to the third spot and registered domestic dispatches of 53,635 units.
M&M registered 31% YoY growth with total sales of 43,068 units in Jan 2024 compared to 33,040 units sold in Jan 2023.
Kia regained its fifth position and ousted Toyota by just 572 units. The Sonet refresh launch gave the Korean MNC the right push required.
Market Share Graph of January 2024 -
