Car majors close FY23 with double digit growth

  • IANS
  • Stock Market News
Car majors close FY23 with double digit growth

Chennai, April 1 (IANS) Car makers in India -- majority of them of Asian origin -- closed FY23 with double digit sales growth.

The two industry majors, Maruti Suzuki (NS: MRTI ) India Ltd and Hyundai Motor India Ltd, continue to lead the market with the former selling 1,966,164 units and the latter 720,565 units last fiscal.

According to Maruti Suzuki, last fiscal it had sold 1,966,164 units (domestic 1,644,876 units, exports 259,333 units, other vehicle makers 61,955 units), up from 1,652,653 units (domestic 1,365,370 units, 48,907 units, exports 238,376 units) sold in FY22.

The shortage of electronic components had some impact on the production of vehicles in FY 2022-23 and all possible measures to minimise the impact, Maruti Suzuki said.

On the other hand, Hyundai Motor said it had sold 720,565 units last year (domestic 567,546 units, exports 153,019 units) up from 610,760 units (domestic 481,500 units, exports 129,260 units).

Hyundai Motor's group company Kia India closed last fiscal selling 269,229 units with exports accounting for 85,754 units.

Tata Motors (NS: TAMO ) logged sales of 538,640 units (including electric vehicles) last fiscal, as against 370,372 units sold in FY22.

During the year under review, Tata Motors crossed the significant landmark of 50,000 electric vehicles

"In addition, we also recorded the highest ever quarterly and monthly EV sales of 15,960 (Q4FY23) and 6,509 (Mar'23) respectively. EV penetration in our portfolio continued to increase from about 7 per cent (Q1FY23) to about 12 per cent (Q4FY23) of our total sales," Tata Motors said.

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd., said: "FY23 has set a new record for passenger vehicle sales in India. The steep growth witnessed by the industry was driven by post COVID pent up demand in early part of the year, the launch of several new vehicles and easing of the semiconductor shortage. While SUVs (sport utility vehicle) and EVs (electric vehicle) led this growth, customers' rising preference for safe vehicles and smart technology features was equally pronounced."

The Indo-Japanese car joint venture Toyota Kirloskar Motor Pvt Ltd closed last fiscal selling 174,015 units logging a growth of 41 per cent.

The company said it had sold 174,015 units last fiscal, up from 123,770 units sold in FY22.

According to Toyota Kirloskar, last month it sold 18,670 units, up from selling 17,131 units in March 2022.

"The passenger vehicles segment witnessed a steady growth last year, and TKM (Toyota Kirloskar Motor) was prepared to ride the wave by making deeper inroads into the market to meet the varied mobility needs," Atul Sood, Vice President, Sales and Strategic Marketing, said.



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