Around 3.34 Lakh passenger cars were sold in the Indian market in November 2023. The sales increased by 4% when compared to November last year and dropped by a massive 14.3% in comparison to October 2023. The Industry fell below the 3.5 Lakh mark after four consecutive months of surpassing the 3.5 Lakh volume!
Nov'23 was a testimony of how the year 2023 shall end in terms of overall sales. Dhanteras and Diwali being in Nov'23 had the OEMs hoping to have a strong month. While the business was as anticipated in the first fifteen days, the volumes saw a sharp dip in the latter half of the month citing elections in certain states, unexpected rains in some parts of the country, and the deal-seeking customers postponing their purchase to Dec'23. Even OEMs slowed the dispatches to their dealers considering the high stock situation and also reduce the load as year-end is approaching.
Maruti Suzuki grew almost flat by 1.3% in Nov'23 vs. the same period last year. The OEM also recorded a drop in Market Share by 1% in Nov'23.
Hyundai reported a YoY growth of 3% and dropped by 10% vs last month.
Tata Motors was just 3.5k units short of Hyundai. However, Mahindra is now tailing Tata very closely and its Market Share also shot up by a mammoth 2.6% in Nov'23 vs Nov'22.
Kia regained its fifth spot from Toyota in Oct'23 and maintained its lead in Nov'23. The South Korean automaker has surely benefited by the success of the New Seltos.
Market Share Graph of November 2023 -