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Around 3.34 Lakh passenger cars were sold in the Indian market in May 2023. The sales increased by over 13% when compared to May last year and was almost flat by 0.9% in comparison to April 2023.
The easing semiconductor supplies have led to a spurt in dispatches by the automakers and increased dealer network stock. The stock levels at dealerships have already reached pre-covid levels and the waiting period has now reduced for all models.
The OEMs are now gearing up for new launches before the festive period. While Maruti Suzuki has already launched Fronx & Jimny, Honda is all set for launching the Elevate, Kia is preparing for the New Seltos launch, and Nexa with its new MPV. Going by the trend, it is anticipated that the PV industry shall grow in single digits in FY2023-24.
Maruti Suzuki dispatched 1,43,708 units in May 2023, a 15.5% YoY increase and a 4.7% MoM increase.
Hyundai reported wholesales of 48,601 units, which is a 14.9% increase YoY over May'23 42,293 units. May 2023 sales are down 2.2% on April 2023’s 49,701 units.
Tata Motors dispatched a total of 45,884 units, which is a 5.9% YoY increase, and reported a decline of 2.4% MoM. Tata dispatched an estimated 5,805 EVs in May’23 which is almost 13% of Tata Motors PV volumes!
Mahindra reported wholesales of 32,883 units in May 2023, which is a 23.8% YoY increase, but 5.2% down on April 2023.