November turns out to be the best month for auto sales
India Infoline News Service |
02 Dec, 2022 |
Automobile retail sales hits record high across segments in November as this was the best month ever for carmakers, with cumulative despatches at Indiaâ€™s top 10 passenger vehicle makers rising 31.7% yoy to 310,807 units last month led by better availability of semiconductors.
The availability of semiconductors enabled the automakers to produce more units. November was also the sixth straight month when domestic car sales zipped past 300,000 units. In India, auto firms count despatches to dealers as sales.
Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki India told media, the worldâ€™s fourth largest passenger vehicle market is going well on its course to breach record high sales of calendar year 2018 and conclude the year ending December 31, 2022 with an estimated 3.8 million units, the previous highest was 3.3 million units in 2018.
Carmakers are optimist of ending the year with record sales stems from a robust order book of 750,000 units for the industry, with Marutiâ€™s share at 375,000 units.
The market leader witnessed sales across the entry, compact and SUV segments rising 20.6% yoy in November to 132,395 units in the domestic market.
Sales at Hyundai Motor India advanced 29.7% to 48,003 units. â€œThe company is well poised to register the highest ever domestic sales in 2022 since its inception in India,â€ said Tarun Garg, director, sales, marketing and service, at Hyundai Motor India.
Tata Motors, too, saw its despatches jump 55% to 46,425 units during the month. Mahindra and Mahindraâ€™s sales in November also increased 56% to 30,238 units.
â€œWith our November sales figures, we crossed the landmark of our all-time high sales record, becoming the third largest market for Å koda Auto", said Petr Å olc, brand director, Å koda India. Albeit on a low base, Å koda has doubled its annual sales this year over 2021, he further said.
On Tuesday, S&P Global Ratings cut Indiaâ€™s economic growth forecast for the current fiscal year ending March 31, to 7 per cent from 7.3 per cent projected earlier. S&P also cut the growth forecast for 2023 to 6% from the 6.5% projected earlier.
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