New Delhi: Dispatches of passenger automobiles (PVs) and two- wheelers throughout February have been in inexperienced and mirrored a optimistic pattern. Nevertheless, gross sales of economic automobiles (CVs) remained muted.
Based on trade estimates, 3.73 lakh items of PVs have been dispatched throughout February this 12 months, as in opposition to 3.55 lakh items in February 2023, a progress of 11%.
Retail gross sales for PVs are estimated at 3.35 lakh items in February, when in comparison with 3.01 lakh within the corresponding month of final 12 months, once more a progress of 11%.
Shashank Srivastava, Senior Govt Director- Advertising and marketing & Gross sales, Maruti Suzuki, stated, “February 2024 is the 14th straight month of highest-ever wholesales, ranging from January 2023.”
February 2024 can be the third month of highest wholesales this 12 months, after 3.94 lakh items dispatched in January 2024 and three.91 lakh items October 2023, he added.
Based on Srivastava, the PV stock with the dealerships stands at about 3 lakh items now, ranging round 25 to 26 days of car inventory within the trade.
Following an improved provide of automobiles, trade consultants specific warning on stock pile-up in dealerships.
For the April-February interval, PV dispatches stand at 38.59 lakh items, once more to 35.53 lakh items throughout the identical interval final 12 months, a progress of 9%.
Srivastava estimates that the PV section is anticipated to report 42.1 lakh unit gross sales throughout FY 2023-24, as in opposition to 38.9 lakh in FY 2022-23, marking a year-on-year progress of 8%.
The next is a segment-wise report of car dispatches throughout February 2024.
Passenger automobiles
Pushed by a requirement for SUV fashions, all of the OEMs reported their dispatches in inexperienced. Market chief Maruti Suzuki dispatched 1.60 lakh items within the home market throughout February, marking a YoY progress of 9%.
SUVs now account for just a little over 50% of the general gross sales within the trade.
Srivastava of Maruti Suzuki famous that the expansion within the rural sector stays barely greater than the city progress. “This pattern is prone to proceed as we see a sharper enhance in rural incomes, infrastructure spending and a close to regular monsoon. Though the meals inflation continues to be excessive, the general sentiment is optimistic.”
“Whereas the output from the rabi sowing season is but to be seen, the kharif output has been 4.5% much less when in comparison with final 12 months. In some states, the sentiment in rural areas could also be much less optimistic, however general the demand stays sturdy,” he stated.
For February, Tata Motors moved as much as the second spot at 51,267 unit gross sales over Hyundai, which has been the second-largest carmaker within the nation for years now.
Sabari Manohar, Vice President (Gross sales-Service-Used Automobile Enterprise), Toyota Kirloskar Motor, stated, “We proceed to witness rising demand coupled with good buyer enquiries from throughout the areas. Notably, the SUV and MUV fashions are on the forefront of this demand surge.”
For MG Motor India, 33% of its gross sales comes from electrical automobiles (EVs). The corporate stated it’s gearing as much as work on “potential logistics points resulting from disruption in international transport as a consequence of varied worldwide occasions.”
Two-wheelers
Wholesales for all the 2 wheeler makers grew double digit YoY, besides Royal Enfield.
Market chief Hero MotoCorp reported a progress of 16% in its volumes to report 4.45 lakh items throughout February, up from 3.82 lakh bought within the corresponding month of final 12 months.
“The volumes within the month of February point out the constantly enhancing shopper sentiments and the corporate expects the optimistic pattern to proceed within the coming months, on the again of favorable financial indicators,” Hero MotoCorp stated.
In the course of the month, the two-wheeler maker began gross sales of its recently-launched bike Xtreme 125R and launched the Mavrick 440, deliveries of that are to start in April. This comes consistent with its technique of increasing the premium product portfolio.
Hero stated it’s within the means of scaling up the volumes of Harley-Davidson X440 and Mavrick 440 by the center of this 12 months.
In February, Suzuki Motorbike India stated it accomplished the manufacturing of 1 million items, totally using its plant’s annual manufacturing capability in lower than a 12 months. The corporate bought 83,304 items within the nation through the month.
B Govindarajan, CEO, Royal Enfield, stated, “As we come to the shut of the monetary 12 months, we’re assured of a robust and wholesome general efficiency, and imagine that we are able to proceed this momentum for the subsequent 12 months as effectively.”
Based on an evaluation by Elara Capital, electrical two-wheeler excessive velocity scooter registrations in February 2024 was up 24% YoY. “This 12 months Feb had one further day, boosting the expansion to a sure extent.”
Nevertheless, in comparison with January 2024, it was flat at 81,963 items.
Industrial automobiles
Market chief Tata Motors reported a 4% YoY drop in dispatches to 33,567 items in February 2024. All of the automobile classes have been in crimson, besides the passenger carriers.
Throughout February 2024, Tata’s SCV cargo and pickup recorded 13,701 unit gross sales, adopted by HCV vans at 10,091 items, L&MCV vans at 5,083 and passenger carriers at 4,692.
Equally, wholesales for Ashok Leyland additionally witnessed a dip of 6%.