The sector has been grappling with a downward trend in sales over the past few months, driven by rising raw material costs and elevated inventory levels. Raw material costs for passenger vehicles have seen a 20 basis points MoM increase, while the two-wheeler segment has faced an even sharper increase of over 100 basis points. These cost pressures, combined with inventory levels ranging from 40 to 50 days, have further impacted sales prospects, leading to a cautious outlook for the industry.
Despite these challenges, some original equipment manufacturers (OEMs) have managed to achieve good results in August 2024.
Here are the latest car sales figures from the major companies so far:
Toyota Kirloskar Motor
Toyota Kirloskar Motor registered an impressive 35% year-on-year growth in August 2024. The company reported wholesale sales of 30,879 units, up from 22,910 units in the same month last year, demonstrating its resilience amidst industry challenges.
Suzuki Maruti
Maruti Suzuki sold 1.81 lakh vehicles in August 2024, including 1.43 lakh passenger vehicles domestically. Despite a 3.9% decline in total sales compared to August 2023, when it sold 1.89 lakh units, Maruti Suzuki beat expectations, with its total sales slightly above CNBC-TV18’s estimate of 1.79 lakh units.
The company’s exports rose 5.6 per cent to 26,003 units as compared to 24,614 units last year. However, total domestic sales (including passenger vehicles, light commercial vehicles and OEM sales) fell 5.3 per cent to 1.55 lakh units as against 1.64 lakh units in August 2023.
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