Maruti Suzuki, Hyundai, Tata, Royal Enfield Report Decline In Sales
As we enter into September, car and two-wheeler manufacturers have reported decline in their sales numbers for August 2024 today. Auto sales are witnessing a downward trend in the last couple of months due to rising inventories at the dealerships across all OEMs in the country. Recently, Federation of Automobile Dealers Associations (FADA) highlighted the issue last month, stating that inventory of passenger vehicles is at an all time high. The OEMs are hoping for a revival of the auto industry from September onwards with the onset of the festive season. Major PV OEMs such as Maruti Suzuki, Hyundai, Tata Motors, and Mahindra along with two-wheeler companies like Royal Enfield, and Bajaj have reported a decline in sales.
Royal Enfield reported a volume of 3,67,801 units during YTD (Jan – Aug) 2024 resulting in a YoY drop of 3 percent. During the corresponding period last year, Enfield sold 3,78,406 units as a result witnessed a drop of 7 percent whereas the 450cc and 650cc cumulatively accounted for 31 percent growth. The company has plenty of new models in the development for the next few years in all three engine platforms – 350cc, 450cc, and 650cc and is looking forward to the latest launch of the Enfield which is the updated Classic 350.
Sales of 350cc Royal Enfield motorcycles have declined by 11 percent. In August this year, Enfield sold 61,087 units of 350cc bikes, a drop from 69,023 units in August last year. On the other hand, volume above the 350cc segment has seen a rise, from 8,560 units in August 2023 to 12,542 units August this year. The most notable additions in recent times are Shotgun in the 650cc segment and Guerilla in the 450cc category.
Royal Enfield, has recorded a total a sales volume of 73,629 units in August 2024, including domestic and exports. In August last year, Enfield sold a 77,583 units. Domestic sales stood at 65,623 units while 8,006 units were exported to foreign market and domestic sales declined by 5.4 percent whereas exports have declined by 2 percent. JSW MG Motor India has recorded retail sales of 4571 units in August 2024. During this period, electric vehicles have contributed to 35 percent of the total volume which includes MG ZS EV and MG Comet. The company is now coming up for its third EV model in the form of Windsor EV, slated to launch on 11 September 2024.
Hyundai has achieved YTD (Jan-Aug 2024) total sales of 5,13,510 units which accounted for 66.8% of Hyundai India‘s total domestic volume. The South Korean brand is currently gearing up for the launch of the Alcazar facelift on 9 September 2024 and looking forward to rise in sales. Maruti Suzuki shared the sales trend and highlighted that “Hybrid sales contributed about 15-16% of overall sales; and the company is seeing increase in hybrid share.
