PV sales rise to record high in September amid festive demand

Sales rose by a modest 2% during the month, hemmed in by a high year-earlier base which saw robust post-pandemic pent-up demand. While demand for SUVs remained robust amid new launches, there continued to be some pressure on sales on entry-level cars. Senior industry executives, however, are optimistic that the demand momentum will sustain and lift sales this festive season.

Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki, said monthly sales of passenger vehicles reported the best-ever performance for the ninth straight month in September. Half yearly sales too crossed the two-million miark for the first time as consumer demand remained buoyant.

“Three factors supported dispatches. The festive season has started off well with Onam in Kerala and Ganesh Chaturthi in Maharashtra. Bookings and enquiries remain healthy. With semiconductor shortage easing, automakers have also been able to ramp up production and build stocks for deliveries during Dussehra and Diwali,” Srivastava said.

Maruti sold 150,812 units last month, a 1.6% rise from 148,380 vehicles sold a year earlier. The company sold more than a million vehicles for the first time in a half year. Hyundai Motor India (HMIL) and Mahindra & Mahindra (M&M) also reported record monthly sales in September. Tarun Garg, chief operating officer (COO), Hyundai Motor India said, “In September 2023, HMIL achieved its highest ever total monthly sales since inception marking a key milestone in the brand’s history. The ongoing festive season has resulted in a strong sales momentum, helping us achieve more than 9% growth YoY in sales in September.” The Korean automaker sold 54,241 PVs last month.Garg said Hyundai got 80,000 bookings for its micro SUV, Exter. About two-thirds of its September sales came from SUVs, a rise from 54% in first half of calendar year. Mahindra’s sales volume jumped by a fifth to 41,267 units in September.