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Highlights:
Mahindra (+1.7%) and Toyota (+0.8%) gained significant market share.
The top three brands control 70% of the Indian passenger vehicle market.
Hyundai, Tata, Mahindra, Kia, Toyota, and MG posted their best-ever H1 sales in 2023.
Manufacturer-wise analysis:
Among the old players, Hyundai, Tata, Mahindra, and Toyota posted their highest H1 sales in H1-2023.
Among new entrants, Kia and MG have posted the best sales figures.
Mahindra (+1.7%) and Toyota (+0.8%) gained significant market share.
Tata Motors was just 20,978 units short of the #2 position in H1-2023.
H1-2023 Manufacturers in Focus: Mahindra & Toyota
Both brands have posted over 30% growth in H1-2023 and achieved their best-ever H1 sales. Both continue to sell large diesel engines in the BS6-RDE phase with high-value products, thus making higher revenue per car sale.
Mahindra
After a slew of misfires (KUV 100, TUV 300, & Marazzo) in the last decade, Mahindra has finally begun to fire on all four cylinders - Thar, XUV 700, Scorpio N, and the old workhorse Bolero. Mahindra finally discovered the secret sauce of making feature-rich yet safe SUVs in 2020 and has been rewarded by strong demand for higher-priced SUVs.
Toyota
In the last decade, Toyota tried really hard to achieve higher sales by entering the entry-level segment (Etios twins, Yaris) but failed miserably. But then Maruti's partnership and cross-badged products (Glanza, Hyryder) came really handy in the present times as its factory is churning out more cars than ever for itself and Maruti as well, and cross badged products (contribute 43% of sales) keep its sales register ringing all the time. The icing on the cake is higher sales of high-value products like the Innova (Hybrid and Diesel), Fortuner, Land Cruiser 300, and Vellfire in H1-2023.