Hyundai Motor India has reclaimed its position as India's second-largest passenger car manufacturer, after briefly losing it to Tata Motors in February 2024.
In March 2024, Hyundai's domestic sales rose 5% to 53,001 units, compared to 50,600 units in the same period last year. This comes after a surprising dip in February, when Hyundai sold just 50,201 units, allowing Tata Motors to overtake it with 51,321 units.
In comparison, Tata Motors' passenger vehicles division, which includes Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, recorded sales of 50,297 units in March 2024, up 14% from 44,225 units in March 2023.
The recent launch of the Creta Facelift in India generated huge demand for the SUV in the first month, but the hype seems to have subsided, resulting in lower sales in February. However, Hyundai's strong performance in March helped the company regain its position in the market.
Unlike Tata Motors, Hyundai also gets decent volumes from exports. In March, exports witnessed a significant growth of 16% to reach 12,600 units, compared to 10,900 units in the same period last year. This strong export performance strengthens Hyundai's position in the Indian automobile market.
Coming to the full year numbers, Hyundai Motor India achieved its best ever sales of 7.78 lakh units, which was 8% more than the 7.21 lakh units sold in FY 2022-2.3.
In the domestic market, Hyundai dispatched 6.15 lakh units to its dealers, an increase of 8% from 5,67,546 units in FY 2022-23. Exports also grew by 7% to 1.63 lakh units.
In comparison, Tata Motors' passenger vehicle sales stood at 5.73 lakh units, up 6% over FY23.
Tata Motors' Overall Performance
Tata Motors, as a company, recorded total sales of 90,822 units in March 2024, an increase of 2% compared to 89,351 units in March 2023. During the entire fourth quarter of FY2024, Tata Motors recorded sales of 2,65,090 units, an increase of 5% from 2,51,822 units in Q4FY23.
The Commercial Vehicle (CV) segment saw a decline in March 2024, with total commercial vehicle sales at 42,262 units, down 10% from 46,823 units in March 2023. Domestic CV sales stood at 40,712 units, a 10% decrease compared to 45,307 units in the same month last year.
For the full financial year, Tata Motors' total sales totaled at 3,95,845 units, down 4% from FY23. The company attributed the moderation in sales growth to the high base, elections in 5 states in Q3 FY24 and the upcoming general elections. election. In the first quarter of FY25.
In Q4FY24, Tata Motors CV sales stood at 1,09,439 units, a 6% decline from 1,16,168 units in Q4FY23. Girish Wagh, Executive Director, Tata Motors, said demand is expected to improve on commercial vehicles from H2 FY25. Driven by promising GDP growth prospects, government incentives, and focus on infrastructure-related development projects.
Tata Motors' EV Sales
Tata Motors' electric vehicle (EV) sales, which include domestic and international businesses, grew 4% to 6,738 units in March 2024, compared to 6,509 units in March 2023. For Q4FY24, the company sold 20,640 units of EVs, registering a strong growth of 29% compared to the fourth quarter of FY23.
In the full financial year 2024, Tata Motors' EV sales grew 48% to 73,833 units, compared to 50,043 units in FY2023. However, the company failed to meet its target of reaching 100,000 EV units during the year.
Shailesh Chandra, CEO, Tata Motors Passenger Vehicles Ltd, said: and Tata Passenger Electric Mobility Ltd., said the electric vehicle segment is expected to register a strong growth of 70% for the Indian market as a whole in FY24 over FY23, driven by multiple new launches, increased charging infrastructure, significantly lower operating costs and increased Environmental awareness among customers.
The company has been investing heavily in developing new EV models, expanding its charging infrastructure and collaborating with stakeholders to create an ecosystem that supports EV adoption in India.
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