Indian auto market sees growth, Maruti and Hyundai lead sales in October 2023

  • Stock Market News
Indian auto market sees growth, Maruti and Hyundai lead sales in October 2023
Credit: © Reuters.

The Indian automotive industry experienced a significant upswing in October 2023, with car sales rising by 16.25% year-on-year. The market was largely commanded by Maruti, Hyundai (OTC: HYMTF ), Tata, Mahindra, and Kia, which collectively held an 86.88% market share.

Maruti Suzuki (NS: MRTI ) emerged as the market leader with a 43% share and 168,047 units sold. The company is currently testing the 4th generation Maruti Swift for potential launch. Hyundai followed closely behind with a reported year-on-year growth of 14.85%, selling 55,128 units. The Korean automaker also announced the addition of six airbags across all models, with five models receiving Advanced Driver Assistance Systems (ADAS) as standard.

Tata Motors (NS: TAMO ) (NYSE: TTM ) and Mahindra sold 48,337 and 43,708 units respectively in October. This period marked stiff competition between Tata Motors and SUV-only brand Mahindra. Despite no new launches, Mahindra managed to stay close to Tata's sales figures due to factors such as production ramp-up, pending orders, and festive season sales.

Kia India reported the sale of 24,351 units in October. Over half of these sales were attributed to the Seltos SUV. The company is also testing the new Sonet facelift for release next year.

Toyota (NYSE: TM ) experienced double-digit year-on-year growth of 56.30%, selling 20,542 units due to the popularity of models like the Urban Cruiser Hyryder, Innova Hycross, and Hilux. Meanwhile, Honda (NYSE: HMC )'s sales dipped by 1.50% year-on-year and by 4.67% month-on-month to 9,400 units.

Other companies such as MG reported retail sales growth to 5,108 units, and Skoda and Volkswagen (ETR: VOWG_p ) also reported improved sales in October. However, Renault (EPA: RENA ) and Nissan (OTC: NSANY ) posted significant year-on-year de-growth.

The industry anticipates exciting launches like Mahindra's Thar 5-door XUV.e8, electric XUV700 and XUV300 facelift, and Tata's Curvv EV, Harrier EV, Safari EV, and Punch EV. October 2023 marked a strong month for the Indian automotive industry, highlighted by 10 significant new launches.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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