Sales of passenger vehicles rise to record high in October amid festive demand

With festive demand in full swing, OEMs pushed dispatches to dealers to cater to the customers, leading to a record sales month in October. The overall passenger vehicle wholesales last month rose to 3,91,472 units, up 16 per cent from 3,36,679 units sold in the same month last year. The month witnessed the highest-ever dispatches of passenger vehicles in the domestic market by Maruti Suzuki India and Mahindra & Mahindra.

Maruti observed brisk business during the peak festival period of Navratri, which helped in the volume growth last month. "It is not only the highest October in terms of sales, but also the highest ever month which we have seen in the Indian passenger vehicle industry in any year in any month," said Maruti Suzuki India Senior Executive Officer - Marketing and Sales, Shashank Srivastava.

The company reported its best-ever domestic monthly sales at 1,77,266 units, up 21 per cent from 1,47,072 units in the year-ago period. Its total domestic passenger vehicle sales rose to 1,68,047 units last month from 1,40,337 units in October of 2022.

Hyundai Motor saw its sales increase by 15 per cent to 55,128 units last month, from 48,001 units in the same month a year ago. "The festival season has again proved that customers are really wanting to buy cars. The good part is that although we do not have pent up demand, the fresh inflow is what is keeping us afloat," the company's COO Tarun Garg said.

Mahindra & Mahindra saw its SUV dispatches rise by 36 per cent year-on-year to 43,708 units in October as compared to 32,226 units in the year-ago period. "While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch on select supply-related challenges," said the company's Automotive Division President Veejay Nakra.

Other OEMs such Tata Motors, Toyota Kirloskar and Kia India also reported jump in October sales. Tata Motors' passenger vehicle wholesales in the domestic market stood at 48,337 units as compared to 45,217 units in the year-ago month, rising 7 per cent. Toyota Kirloskar Motor's dispatches increased by 66 per cent year-on-year to 21,879 units last month.

Kia India saw its sales increased by 4.4 per cent year on year to 24,351 units in October. "During the festive season, our customers' positive outlook has helped us achieve our fourth-highest monthly sales ever in India," said Kia India National Head, Sales & Marketing Hardeep Singh Brar.