Around 3.58 Lakh passenger cars were sold in the Indian market in September 2024. The sales dropped by 1.1% over September last year and increased by a meagre 1.3% compared to August 2024.
September 2024 remained a dull month for the Passenger Vehicle Industry and was the third consecutive month to register a YoY decline. The month was touted to be slow due to the inauspicious period of Shraadh, Pitru Paksha, etc post 17th Sep. However, decline in YoY WS reflects on OEMs inability to push stocks to their respective dealerships. Reports of increasing inventory levels at dealerships and subsequently rising discounts on cars highlight the stress in the overall market and manufacturers are forced to reduce dispatches to control stock levels.
September 2024 Mahindra overtaking Tata Motors for the No.3 spot and by quite a margin! Do note that Mahindra was just 865 units short of Tata in Aug'24. M&M is riding on the SUV wave and its latest launch Thar Roxx has also broken all records recently. It is the first time that Mahindra has clocked dispatches of over 50k units in a single month!
Maruti Suzuki took a hit in Sep’24 with dispatches of 1,44,962 units, down from 1,50,812 cars sold in Sep’23, recording a 3.9% YoY decline in sales and loss of 1.2% in Market Share.
Hyundai India recorded offtake of 51,101 units in Sep’24, down from 54,241 units in Sep’23, recording a 5.8% YoY decline in sales. It anyhow recorded its best monthly figures in the fiscal year to date in Sep’24.
September’24 was Mahindra’s best month till date and dispatches of 51,062 units improve upon August’24 performance by 18% and mark the ninth straight month that M&M has dispatched over 40k units!
Tata Motors registered offtake of 41,065 units in Sep’24, down from 44,810 vehicles sold in Sep’23, recording an 8.4% decline in sales.