Maruti, Hyundai, Tata: India’s top 3 car makers see drop in July sales

Sale of passenger vehicles in India was slow in July 2024, with the top three car manufacturers of the country reporting a drop in trade. The declining figures that Maruti Suzuki, Hyundai and Tata Motors recorded were in spite of showrooms and original equipment manufacturers offering discounts and attractive offers to prospective buyers.

Maruti Suzuki India Limited (MSIL), the largest car manufacturers of the country, saw sales of domestic passenger vehicles drop 9.6 per cent year on year, with numbers coming down to 137,463 units in July 2024 from 152,126 units in July 2023. Maruti Suzuki witnessed a slump in the segment of utility vehicles (UV), too. While the company sold 62,049 sold in July 2023, the number of unites retailed in the same month this year was 56,302. The number of units sold were lesser year on year in the compact and mini segments, too, for the company.

Hyundai Motor India Limited (HMIL) registered a drop of 3.33 per cent in sales within the domestic market. Compared year on year, the company sold 49,013 units in July 2024 against 50,701 units in July 2023, with SUVs comprising 66.6 per cent of the Hyundai market share. For the company, the new Hyundai Creta has sold a record 1 lakh units till July.

Tata Motors Limited, India’s third major car manufacturer, saw the sales figures of domestic passenger vehicles take a downturn from 47,628 units in July 2023 to 44,725 units in July 2024, marking a decline of 6 per cent. Demand for Tata’s electric vehicles (EV) also recorded a fall with the company selling only 5,027 units in July 2024, which marks a 21 per cent drop.

The industry had expected sales to pick up post general elections and also once the heat wave ebbs. However, with no business relief having happened in the immediate weeks that followed the polls, the automobile industry is now pinning all hope on the upcoming festive season.