Passenger vehicle wholesales slow in May due to high base effect, elections

New Delhi. Wholesale sales of passenger vehicles in India witnessed a marginal increase in May. This was due to high base effect and subdued demand due to general elections. Total passenger vehicle supply from companies to dealers increased by four percent to 3,50,257 lakh units last month as against 3,35,436 units in the same month last year. Maruti Suzuki India (MSI)’s total sales in the passenger vehicle segment in the domestic market increased slightly to 1,44,002 units from 1,43,708 units in May last year. The company saw a decline in sales of entry-level and compact cars last month on a year-on-year basis. Sales of multi-purpose vehicles – Brezza, Grand Vitara, Ertiga, S-Cross and XL6 increased to 54,204 units in May from 46,243 units in May 2023.

MSI Senior Executive Officer (Sales and Marketing) Partho Banerjee told reporters, “It has been discussed that the growth rate will not be very high this year. It will remain in single digits due to high base effect. Secondly, there were elections and the scorching heat also affected the total sales in May.” The company’s sales of small cars like Alto and S-Preso declined to 9,902 units in May from 12,236 units in May last year. Its rival Hyundai Motor India (HMI)’s domestic vehicle sales grew by one percent in May. The company sold 49,151 vehicles in May, while it sold 48,601 vehicles in the same month last year. HMI Chief Operating Officer (COO) Tarun Garg said that sales growth is expected to be in single digit range this financial year.

Total passenger vehicle sales in the domestic market, including electric vehicles, grew by two percent to 47,075 units, as against 45,984 units in May last year. On the other hand, Mahindra & Mahindra (M&M)’s passenger vehicle segment sales in the domestic market grew by 31 percent to 43,218 units, as against 32,886 units in May last year. Toyota Kirloskar Motor (TKM)’s total wholesale sales in May grew by 24 percent year-on-year to 25,273 units. Kia India’s vehicle sales grew by four percent year-on-year to 19,500 units in May. The company sold 18,766 vehicles in the same month last year. Kia India’s Senior Vice President and Head (Sales and Marketing) Hardeep Singh Brar said, “So far this year, we have been aggressive in introducing new competitive versions of our models, which has contributed significantly to our sales.” MG Motor India’s wholesale sales fell by five percent year-on-year to 4,769 units in May. The company had sold 5,006 vehicles in May last year.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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