December 2, 2020 6:43:20 am
Barring business chief Maruti Suzuki India Ltd (MSIL), all different main car producers gained from the festive and pent-up demand and introduced progress in home passenger car gross sales in November.
Whereas MSIL introduced sale of 1,35,775 models of passenger autos (PVs) in November, witnessing a 2.4 per cent dip in gross sales over that within the corresponding interval final 12 months, Hyundai Motor India Ltd — the second largest automotive producer — introduced a 9.4 per cent rise in gross sales in final month.
Different main gamers like Tata Motors, Mahindra & Mahindra (M&M), Toyota Kirloskar Motors (TKM), and Honda Automobiles too introduced progress in home gross sales in November. Whereas Tata Motors witnessed a 108 per cent rise in PV gross sales at 21,641 models, M&M noticed a 24 per cent progress in gross sales (18,212 models) over the year-ago interval. Honda and TKM introduced progress in gross sales by 54 per cent and a couple of.4 per cent, respectively.
Whereas the broader business continues to witness progress in gross sales on year-on-year foundation, virtually all producers witnessed a decline in month-on-month (m-o-m) gross sales for the primary time in seven months. Ever for the reason that announcement of lockdown in March, all producers have reported a progress in m-o-m gross sales for the final six months.
Whereas MSIL introduced a 17 per cent fall in gross sales over October 2020, Hyundai and Honda noticed a dip in m-o-m gross sales by 13.8 per cent and seven.8 per cent, respectively. M&M and TKM too noticed their gross sales fall by 2.2 per cent and 31 per cent, respectively, over that in October.
The decline in November gross sales over that in October, regardless of Diwali falling in November, has raised questions over the sustainability of demand revival.
“Given sturdy rural progress and indicators of enchancment in financial actions, we’re hopeful to see this constructive momentum proceed put up the festive season,” mentioned Veejay Ram Nakra, CEO, automotive division, M&M.
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