Around 3.49 Lakh passenger cars were sold in the Indian market in May 2024. The sales grew by 4.4% over May last year and by 3.6% in comparison to April 2024.
May continues to be a weak month for the industry as its the school holiday season and no festivities in the month. The only respite was the launch of the facelifted Mahindra XUV 300 (3XO) which gave the much required boost to M&M. The dispatches for Toyota Taisor too started in May 2024.
The stagnating dispatches reflect the high base of last year, higher dealer stock levels, weakening demand / customer orders, and the second phase of the general elections. The pent up bookings have have eventually dropped due to increased supplies and improvement in semiconductor availability.
Maruti Suzuki volumes remained flat in May’24 vs. the same period last year and increased by 4.4% vs last month. It any how continue to lead the Indian PV market with over 41% Market Share.
Hyundai retained the second spot from Tata Motors and recorded growth of over 1% YoY. It lost Market Share by -0.4%. It recorded sales of 49,151 vehicles in May 2024, up from 48,601 vehicles sold in May 2023.
Tata Motors registered 1.8% YoY growth to 46,700 units as against 45,880 units sold in the same period of 2023. The EV sales in the domestic and international markets went down by 4% to 5,558 units from 5,805 units dispatched in May 2023.
M&M registered a massive 31.4% YoY growth with total sales of 43,218 units in May 2024 compared to 32,883 units sold in May 2023. The launch and dispatches of XUV 3XO has led to the sudden rise in volumes and Mahindra is tailing Tata extremely closely. Mahindra dispatched 10k units of 3XO in the first month of its launch!
