August 2024 saw a downturn in the passenger vehicle (PV) segment, primarily due to heavy rains, flooding in key markets like Gujarat and Kerala, and weakened buyer sentiment. This led to decreased showroom footfalls and rising inventories at dealerships. Total car sales in August 2024 were 3,54,267 units, a 1.7% decline from 3,60,230 units in August 2023. However, month-on-month (MoM) sales showed a 3.3% increase from 3,43,026 units in July 2024.
Maruti Suzuki Leads Despite Decline
Maruti Suzuki retained its leading position with 1,43,075 units sold in August 2024, down from 1,56,114 units in August 2023, reflecting an 8.3% YoY decline. However, MoM sales rose by 4.1% compared to 1,37,463 units in July 2024. Despite maintaining its dominance, the company’s market share fell from 43.3% to 40.4% YoY.
Hyundai vs Tata Motors: The Battle for Second Place
Hyundai secured the second spot with 49,525 units, despite an 8% YoY decline from 53,830 units in August 2023. MoM sales remained steady, with 49,013 units sold in July 2024. Key models like the Creta, Venue, and Exter continue to drive growth, with the recent launch of the Creta Knight Edition adding more variety to the lineup.
Tata Motors, in contrast, faced declines both YoY and MoM. Sales dropped 3% YoY and 1.3% MoM to 44,142 units, down from 45,515 units in August 2023 and 44,727 units in July 2024, respectively.
Mahindra and Toyota Outperform
Bucking the overall declining trend, Mahindra and Toyota delivered impressive results. Mahindra’s sales surged by 16.1% YoY and 4% MoM to 43,277 units, boosting its market share to 12.2%. This puts Mahindra in close contention with Tata Motors for the No. 3 spot. Toyota also saw a strong YoY growth of 36.3% with 28,589 units, up from 20,970 units in August 2023. However, it experienced a 3.2% MoM decline from 29,533 units in July 2024, with market share rising to 8.1%.
Kia, Honda, and MG Motor
Kia, ranked sixth, reported a 17.2% YoY and 9.8% MoM increase in sales, reaching 22,523 units, bolstered by the 2024 Kia Sonet Facelift and new Gravity Editions for the Sonet, Carens, and Seltos models.
Honda experienced a significant 32.4% YoY drop, selling 5,326 units compared to 7,880 units in August 2023. Nevertheless, MoM sales rose by 15.2% from 4,624 units in July 2024.
MG Motor continued its steady performance with a 9.2% YoY increase, selling 4,571 units, up from 4,185 in August 2023, while MoM sales remained stable. MG holds a 1.3% market share and is set to enhance its lineup with the new Windsor CUV.
Other Automakers: Mixed Results
Lower down the list, Volkswagen (3,577 units), Renault (3,018 units), Skoda (2,772 units), and Nissan (2,257 units) all recorded YoY sales declines but posted positive MoM results. Citroen showcased the highest YoY growth at 121.4%, with sales soaring to 1,257 units—a remarkable 280.6% increase MoM. Jeep also posted gains with a 13.7% YoY and 23.2% MoM increase, reaching 340 units.
Overall, while market leaders grappled with challenges, several automakers managed to defy the trend, marking an eventful month in the Indian car market.
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