Page 4 - Passenger Vehicles

Toyota holds lead as world's no. 1 automobile manufacturer for fourth year

Output, which refers to cars off the production line, grew 8.6 per cent to 11.5 million units. VW's deliveries increased 12 per cent to 9.24 million units in 2023

Passenger vehicle volumes expected to log 8-10% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 8-10 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said on Wednesday. Earlier on Tuesday, the credit rating agency said the segment was likely to see 18-20 per cent growth in PV sales. The rating agency said there is "a correction in the numbers mentioned for passenger vehicles industry in the outlook, which is likely to record a volume growth of around 8-10 per cent in FY24 as the pent up demand levels off amid hike in vehicle prices". The PV industry domestic sales grew 7.4 per cent year-on-year in the April-December period of FY24, it said in the revised statement. In its earlier report, the ratings agency had said the domestic passenger vehicles sale grew 25 per cent year-on-year during this period. It also projected that the PV sales volume will continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvemen

Passenger vehicle segment to see record 18-20% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said. The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge. The Electric Four-Wheeler (E4Ws) segment -- which contributes about 6 per cent to the total EV market sales -- volumes have grown significantly in the past few years, it said. Major Original Equipment Manufacturers (OEMs) have planned to introduce more EV models in the future, suitable for the domestic market that could boost their adoption and increase competition in the market, it ...

Average selling price of passenger vehicles in India up by 50% in 5 years

ASP has gone up from Rs 7.65 lakh in 2018-19 to Rs 11.5 lakh in 2023-24, according to the industry. Premiumisation, changing regulatory norms and SUV craze lead to price hikes

Tata Motors announces 0.7% price hike on passenger vehicles from Feb 1

The automotive industry has witnessed a trend, with various manufacturers resorting to similar price hikes in the early months of FY24

Passenger vehicle sales to grow 3-4% in 2024: Hyundai COO Tarun Garg

He said that the Indian PV industry expected volume sales growth of 3.5 to 5 per cent in 2023 but eventually it went up to 8.2 %. Hyundai's domestic sales increased by 9 % in 2023 to 602,111 units

Passenger vehicle wholesales rise 4% to 286,390 units in December

Domestic passenger vehicle wholesales grew by 4 per cent to 2,86,390 units last month, the Society of Indian Automobile Manufacturers said on Friday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles (PVs) from manufacturers to dealers were 2,75,352 units in December 2022. Two-wheeler domestic wholesales stood at 12,11,966 units last month as against 10,45,052 units in December 2022, a growth of 16 per cent. Similarly, three-wheeler wholesales were higher at 50,537 units last month as compared to 38,693 units in December 2022.

TMS Ep605: Pilot fatigue, PV inventory, real estate stocks, stock split

How can Indian airlines balance pilot fatigue and profits? Are India's auto dealers facing a problem of plenty? Is it time to book profit in real estate stocks? What is a stock split? All answers here

Passenger vehicles in fast lane: 2024 begins with 75% surge in inventory

2023 saw 11% growth in automobile retail sales, setting the momentum for the year ahead

Vehicle scrappage policy key to cutting India steel sector emissions

CO2 emissions from Indian steel production range from 2.5 to 2.85 tonnes per tonne of crude steel, in contrast to global average carbon intensity of 1.4 tonnes per tonne of steel, as reported by IEA

TMS Ep600: PV growth, climate change authority, markets, Muhammad Yunus

Can RBI slam the brakes on PV sales growth? Does India need a climate change resilience authority? Which sectors will be on FPIs' radar in 2024? Who is Muhammad Yunus? All answers here

PV sales touch record high in 2023 at 4.1 mn, SUVs continue strong growth

Passenger vehicle sales in India touched a record high of 41.08 lakh units in 2023, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total dispatches from manufacturers to dealers. The record sales have been achieved despite an increase in the average price of vehicles to Rs 11.5 lakh last year as compared to Rs 10.58 lakh in 2022. Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023. "If you look at January to December 2023, wholesales crossed 41.08 lakh. This is the first time the industry has ever crossed the 4 million mark. That, I think is a huge milestone in the history of the Indian passenger vehicles (PV) industry," Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava told reporters in a call. He further said, "This is against wholesales of 37.92 lakh units for the calendar year 2022. Therefore, there is a .

Automakers gear for moderate sales after 2023, ready for more EV launches

After posting record-breaking volumes in 2023, Indian automobile industry is driving into the new year aware of a lurking moderation in sales growth but ready to embrace green technologies, led by electric vehicles. Passenger vehicle sales are expected to cross 40 lakh units this year and prices are set to rise from January. Veteran industry leader and Maruti Suzuki India Chairman RC Bhargava said the sales are expected to moderate a bit next year compared to 2023. He noted that the revival of the small car segment is necessary for the faster growth of the industry. The share of entry-level cars in the passenger vehicle sales which stood at around 14 per cent in 2018-19 has reduced to around 4 per cent in the April-October period this year. "As far as Maruti Suzuki is concerned, I believe that we will have higher growth than the industry," Bhargava told PTI. While being positive on the growth of Electric Vehicle (EV) sales next year, he noted that the focus should be towards all

Electric cars expected to see volume growth of 30-40% in 2024: Chandra

He said that more electric car models at different price points -- between Rs 8 lakhs and Rs 30 lakhs -- have to come in the Indian market so that people have more options

Centre launches new car programme for safety rating of passenger vehicles

The Ministry of Road Transport & Highways stated that the programme shall be applicable on type approved vehicles of category M1, manufactured or imported in the country on or after October 1, 2023

Passenger vehicle wholesales grow 4% in November on robust demand: Siam

Domestic passenger vehicle wholesales rose by around 4 per cent year-on-year in November, driven by robust demand for utility vehicles, industry body SIAM said on Tuesday. Passenger vehicle dispatches from companies to dealers rose to 3,34,130 units last month, the best ever figure for the month of November, from 3,22,268 units in same month last year. Two-wheeler sales rose to 16,23,399 units last month, a growth of 31 per cent as compared to 12,36,282 units in November 2022. Similarly, three-wheeler dispatches also rose to 59,738 units last month, registering an increase of 31 per cent over 45,664 units in last November. "All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement. Supported by strong economic growth, the automobile industry is optimistic in ending the year 2023 on a high note and expects the tr

Retail automobile sales at new peak in Nov, car stocks loom large

3.8 mn weddings in Nov 23 and Dec 15 helped business, says dealers' association

M&M to hike prices of passenger, commercial vehicles from Jan 2024

Mahindra & Mahindra on Wednesday said it will hike prices of its passenger and commercial vehicle model range from January next year. This adjustment is in response to the rising costs due to inflation and increased commodity prices, the company said in a statement. The company has made efforts to absorb as much of these additional costs as possible. However, a portion of this increase will be passed on to customers, it added. The extent of the price increase will vary across different SUVs and commercial vehicles, the automaker stated.

Higher production, festival season drive domestic car sales in November

Companies like MSIL and Tata Motors have announced price increases from January 1

Toyota expects Indian PV market to carry momentum of 2023 into 2024: Gulati

The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati. While the SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern. "I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup," Gulati told PTI when asked about the outlook for 2024. He further said, "Going forward, I think the fundamentals are good. In terms of the economic forecast, our economy continues to be stable and growing amidst a very turbulent environment." Despite the shocks of