Indian Automakers Report Growth in January 2023 Sales: A Look at the Numbers. The Indian auto industry kicked off the year 2023 on a positive note, with several major automakers reporting growth in their vehicle sales for January. Leading car companies like Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Toyota Motor, Kia India and Hyundai recorded growth in sales, while MG Motor and Honda recorded a decline. This report takes a closer look at the numbers and provides insights into the performance of each of these companies.
Positive Start for Major Automakers
- Major automakers, including Maruti Suzuki, Tata Motors, M&M Ltd, TKM, Kia India, and Hyundai recorded growth in vehicle sales in January 2023.
- Maruti Suzuki India reported a 12% increase in total sales at 1,72,535 units, with total domestic sales of passenger vehicles at 1,55,142 units, a 14% growth compared to the previous year.
- Mahindra & Mahindra (M&M) Ltd reported a 37% growth in total vehicle sales, selling 64,335 units in January. Total passenger vehicle sales rose 65% to 33,040 units.
- Tata Motors reported a 6.4% growth in total vehicle sales at 81,069 units in January.
- Toyota Kirloskar Motor (TKM) posted a 175% growth in vehicle sales, selling 12,835 units in January.
- Kia India reported a 48% growth in wholesale sales, selling 28,634 units in January.
- Hyundai Motor India Ltd registered a 16.6% increase in vehicle sales, selling 62,276 units in January.
The decline in Sales for Some Automakers
- Honda Cars India reported a decrease in domestic sales by 25% to 7,821 units in January, with vehicle exports also declining 17% to 1,434 units.
- MG Motor India posted a 4% decline in vehicle sales to 4,114 units in January. The automaker cited some improvement in the supply chain but some variants of its vehicles are still affected.
Explanation of the Market Trend
- Maruti Suzuki India attributed the positive start in the industry to low net stock due to high retail sales in December, leading to slightly subdued retail sales.
- M&M Ltd reported growth in domestic sales of utility vehicles despite disruptions in the supply chain of crash sensors and airbag ECUs due to the unavailability of semiconductors.
- Honda Cars India focused on the transition of its range to the upcoming new emission norms under the RDE regime.
- MG Motor India is regaining momentum with some improvement in the supply chain but some variants of its vehicles continue to be affected.