Page 3 - Passenger Vehicles

Robust rural growth, strong demand for SUVs drive car sales in FY24

The SUV segment's market share in the total Indian PV market grew from 40.1 per cent in FY22 to 43 per cent in FY23, and further surged to 50.4 per cent in FY24

Full throttle ahead: FY24 roars to 4.23 mn PV sales, 4.15 mn in retail

Overall automobile registrations rose 10% in FY23; Hybrids caught up with EVs in FY23; Consumer preference for cleaner fuels grew

Volkswagen targets 2-3 times faster growth than Indian PV industry in 2024

The firm's India brand director, Ashish Gupta said Virtus itself is growing in its segment (sub-compact sedan) and its rising sales will also assist the company in reaching the 15% growth target

Kia India to increase prices of vehicles by up to 3% from April 1

Kia India on Thursday said it will increase prices of its range of vehicles by up to 3 per cent from April 1, 2024. The decision is attributed to the escalation in commodity prices and supply chain-related inputs, the automaker, which sells models like Seltos, Sonet and Carens, said in a statement. It marks the first price adjustment by the company this year, Kia India said. Commenting on the development, Kia India National Head Sales and Marketing Hardeep Singh Brar said the company consistently strives to deliver premium and technologically advanced products to customers. "However, due to the continuous increase in commodity prices, adverse exchange rate and rising input cost, we are compelled to implement a partial price hike," he added. The company is absorbing a significant portion of the increase, allowing customers to continue driving their favourite Kia cars without a major dent in their pockets, Brar stated. Kia has sold almost 1.16 million units in India and overseas .

Auto companies target smaller towns as rural sales growth beats urban

The road infrastructure in rural areas is improving, leading to better demand for vehicles, OEMs say.

Passenger vehicles record their best February with sales of 370,000 units

Two-wheelers and three-wheelers also witnessed higher sales in February this year as compared to last year, according to data released by Siam on Tuesday

Passenger vehicles industry estimated to grow up to 9% this fiscal: ICRA

The domestic passenger vehicle (PV) market is estimated to grow by six to nine per cent in the current financial year over the preceding fiscal, according to ratings firm ICRA. In absolute terms, the PV industry will clock a sales figure of 4.2 million units in the current fiscal. The report said that dealer inventories remain high despite strong retail sales, and the pace of growth is expected to taper off in the coming financial year. ICRA said that during the recently concluded festive season, retail sales grew six per cent year-on-year. The inventory levels in the industry remain high at 50 to 55 days at the end of January 2024. The utility vehicle (UV) segment continued to expand led by a shift in customer preferences coupled with a slew of product launches. The demand for the entry car segment remained muted, the report said. The availability of alternative fuels like CNG and electricity is steadily on the rise aided by the introduction of new models. The capital expendi

Tata Motors demerger a positive move, but no immediate gains seen

The company will be transformed into two listed firms with the commercial vehicles (CVs) business in one and passenger vehicles (PVs), including Jaguar Land Rover (JLR), in the other

Tata Motors to demerge businesses into two separate listed companies

The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of Tata Motors shall continue to have identical shareholding in both the listed entities

SUVs power best ever car sales for February; two-wheeler sales rise

During February alone, the share of SUVs in sales was around 51.5 per cent. Rural growth cumulatively in 2023-24 was 11.7 per cent against urban growth of 8 per cent

Tata Motors reports 8% wholesales increase in February at 86,406 units

Tata Motors on Friday reported an 8 per cent rise in its total wholesales to 86,406 units in February as compared with 79,705 units in the same month last year. The total domestic sales stood at 84,834 units last month against 78,006 units last month, a growth of 9 per cent, Tata Motors said in a regulatory filing. Sales of passenger vehicles, including electric vehicles, in the domestic market, were at 51,321 units as compared to 43,140 units in the year-ago month, up 19 per cent, it added. Total commercial vehicle sales declined by 4 per cent last month to 35,085 units from 36,565 units in February 2023, it added.

Mahindra & Mahindra wholesales increase 24% to 72,923 units in February

Mahindra & Mahindra on Friday said its total sales increased 24 per cent to 72,923 units in February. The company's total dispatches to its dealers stood at 58,801 units in February 2023. The Mumbai-based auto major's passenger vehicle sales in the domestic market rose 40 per cent to 42,401 units last month against 30,358 in February last year, the auto major said in a statement. "In our endeavour to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month," Mahindra & Mahindra President (Automotive Division) Veejay Nakra said. The company's total tractor sales last month stood at 21,672 units, a dip of 16 per cent as compared to 25,791 units in the same month last year.

SUV share in total PV sales may rev up to 62% by FY25, says CRISIL

PV sales to grow by 5-7 % in 2024-25: Crisil

PV industry growth likely to moderate to less than 5% in FY25: Tata Motors

The growth of the domestic passenger vehicle industry is likely to moderate to less than 5 per cent in the next fiscal, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. The company, however, expects electric vehicle sales to keep growing despite the slow pace of charging infrastructure development in the country. "We had seen a very strong growth in FY23 of 25 per cent, which is likely to moderate in FY24 to about 8 per cent. Therefore, we are seeing with this high base effect, and FY25 will be slightly challenging with less than 5 per cent growth rate," Chandra said in an analyst call. He further said, "As far as EVs are concerned, I think the biggest challenge here is the pace at which the charging infra is growing. It is lagging behind the pace at which the EV adoption is happening." Citing other challenges, Chandra noted that while commodity prices have been stable in the past quarter or so, there is a risk that prices of certain items may go up

Passenger vehicle wholesales clock record 393,074 units in Jan, up by 14%

Passenger Vehicles (PV) sales in India kicked off on a strong note in 2024 with wholesales rising 14 per cent year-on-year to 3,93,074 units last month, the best-ever figure for January driven by robust demand for utility vehicles, industry body SIAM said on Wednesday. As per the data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles from manufacturers to dealers stood at 3,46,080 units in January 2023. Two-wheeler wholesales rose 26 per cent to 14,95,183 units last month as compared with 11,84,376 units in January last year. "Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well as the rural market continues to recover," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said. Though the commercial vehicle sector did not grow in January 2024, it is likely to see good offtake in the next two months of this ...

After brisk start, electric vehicle penetration loses momentum in FY24

Electric two-wheelers, which were expected to lead the charge, are a case in point, especially after the government sharply cut back the subsidy given to manufacturers in the middle of last year

India's PV sales to slow down in FY25, EV market to be steady: ICRA to Siam

Commercial vehicle market expected to retreat in election year

India registered massive growth in PV sales in last 10 years: PM Modi

He was addressing the Bharat Mobility Global Expo at the Bharat Mandapam, in New Delhi on Friday. According to him, 10 years ago, around 2,000 electric vehicles were being sold

Tata Motors total vehicle sales climb 6% to 86,125 units in January

Tata Motors on Thursday said it has reported a 6 per cent year-on-year increase in its total vehicle sales (including international markets) at 86,125 units in January. The company had sold a total of 81,069 vehicles in January last year, according to a statement. During the last month, total domestic sales stood at 84,276 units as against 79,681 units in January 2023, logging a 6 per cent year-on-year growth. At the same time, total commercial vehicle sales declined 2 per cent to 32,090 units in the previous month from 32,780 vehicles in January last year, it said. The total passenger vehicle domestic sales, including EVs, grew 12 per cent to 53,633 units in the month as compared to 47,987 vehicles a year ago.

Wheels India Q3 results: Net profit at Rs 12.58 cr amid low-demand

Wheels India, a company manufacturing wheels for trucks and passenger vehicles, has registered a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing it to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. The Chennai-headquartered company registered a net profit of Rs 15.36 crore during the corresponding quarter of the last financial year. Revenues during the quarter under review grew to Rs 1,131 crore driven by a strong recovery in exports, as compared to Rs 1,018 crore registered in the same period of last year. Export revenues stood at Rs 307 crore for the quarter under review as compared to Rs 205 crore recorded in the corresponding quarter of last year. "The profits in Q3 were impacted by low demand in the tractor and mining wheel segments and by the floods that affected our Padi plant in the first week of December 2023. There was no power for a week at the plant and we were not able to run it to full capacity i