Riding high on October sales, automobile industry hopeful of strong demands on Dhanteras, Diwali

  • IANS
  • Stock Market News
Riding high on October sales, automobile industry hopeful of strong demands on Dhanteras, Diwali
Credit: © Reuters.

New Delhi, Nov 10 (IANS) Riding high on the October sales of cars and motorcycles, the market is upbeat for a blockbuster Friday on the occasion of Dhanteras, which is considered the most auspicious day in Hindu calendar for buying items ranging from precious metals and vehicles.

Dhanteras kick-started on a positive note with significant consumer demand for new vehicles.

Noida's Vipul Motors, a Maruti Suzuki (NS: MRTI ) ARENA showroom, saw a delivery of over 200 vehicles on the eve of Dhanteras. Similarly, the Maruti Suzuki Nexa showroom at Sector 63 also delivered more than 100 vehicles on the day.

The ARENA showroom staff say that the similar demand will continue till Diwali as people will be taking delivery of their cars.

Similar was the scene at the Tata Motors (NS: TAMO ) showrooms across the national capital, where significant number of people took the delivery of their cars.

Rajeev Sharma, who took the delivery of his Blue colour Maruti Fronx said that he had booked his car a month ago for delivery on the occasion of Dhanteras. “Today, I got the delivery of my car.”

Speaking to IANS, a Tata Motors spokesperson said: “We expect the industry growth to remain strong in the festive season and for the financial year, the industry is likely to touch a sales figure of 4 million units.”

The Tata Motors official said that the trend is set to strengthen further, with multiple offerings in the market, ranging from affordable to highly aspirational cars and on the back of policy support.

“We will continue to stay agile and strengthen our portfolio in ICE (NYSE: ICE ) and in EVs. In FY24, we aim to continue to post growth on the back of new launches and strong demand for all our products,” the spokesperson added.

Maruti Suzuki India (MSI) reported its highest-ever monthly sales at 1,99,217 units in October this year, registering a 19 per cent year-on-year growth. While Hyundai Motor India Ltd (HMIL), registered domestic sales of 55,128 units in October 2023 an increase of 15 per cent as compared to 48,001 units sold in October last year.

Tata Motors reported sales of 48,343 vehicles in October 2023, with a year-on-year (YoY) growth of 7 per cent and a month-on-month (MoM) increase of 8 per cent.

In October, even the six leading two-wheeler makers reported total domestic sales at 18,11,216 units, registering a 20.99 per cent YoY growth when compared to 14,97,021 units sold in October 2022.

Two-wheeler showrooms across the national capital also saw a significant sales on Dhanteras.

--IANS

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