Feb 2023 vs Feb 2022: Brief summary of Auto sales

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”.vc_custom_1677748354847{margin-right: 9px !important;margin-left: 9px !important;}”]In February 2023, the automotive industry, particularly the passenger vehicle (PV) sector, recorded robust sales figures following a period of healthy growth in January. This surge in wholesale numbers can be attributed to the strong performance of the urban markets, pent-up consumer demand, the ongoing marriage season, and the continued improvement in semiconductor supply.

Maruti Suzuki India Limited (MSIL)

MSIL recorded a 10% increase in its domestic passenger vehicle (PV) sales, selling 147,467 units compared to 133,948 units during the same period in the previous year. Additionally, the company’s overall domestic wholesale figures, which include PVs, light commercial vehicles, and sales to other original equipment manufacturers (OEMs), reached 155,114 units for the month, a rise from 140,035 units in February 2022. 

“The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The Company took all possible measures to minimise the impact,” Maruti Suzuki India Limited said in a statement.

Mahindra & Mahindra

In February, M&M witnessed an 8% increase in total sales, with 58,801 units sold compared to 54,455 units dispatched to dealers during the same month in 2022. M&M reported a 10% rise in domestic passenger vehicle (PV) sales, with 30,358 units sold in February 2023, up from 27,663 units sold in February of the previous year, according to a statement released by the company.

“Our recent launches (Thar RWD and XUV400) have received a very positive response, and we see good demand across our portfolio as well. We are monitoring and taking appropriate steps on the supply chain scenario of semiconductors, which continue to be dynamic” said Veejay Nakra, President of the automotive division (M&M).

Tata Motors

Tata Motors announced a 7% year-on-year growth in total domestic passenger vehicle (PV) sales, which also includes electric vehicles (EVs). The company sold 42,862 units in February 2023, compared to 39,981 units during the same month in 2022. Furthermore, the company’s EV sales, including both domestic and export figures, saw a significant increase of 81% to 5,318 units sold in February 2023, compared to 2,934 units sold in February of the previous year.

Hyundai Motor

Hyundai Motor India Limited recorded a 6.7% increase in domestic sales. HMIL sold 47001 vehicles in February 2023 versus 44050 units sold in February 2022.

“The overall sales numbers are showing a positive trend across segments, and we are delighted to witness the trust of our beloved customers for Hyundai cars in India.” Said Tarun Garg, Chief operating officer, of Hyundai Motor India Limited.

Kia India 

Kia India continued its growth trajectory, achieving a sales figure of 24,600 units in February 2023, which marks a 35.8% increase compared to the corresponding month in the previous year when the company sold 18,121 units.

“Achieving 35.8 percent growth against the industry’s growth of 10 percent shows the love and confidence the Indian consumers have for the brand.” Commenting on the numbers, Hardeep Singh Brar, National head, Sales and marketing, Kia India.

About the Author

Sagar Wadhwa

Sagar Wadhwa is a Senior Equity Research Analyst who is a key member of the research team at Univest. He has extensive knowledge and expertise in the stock market, financial analysis, and investing and uses this expertise to provide valuable insights to the research team.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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