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.
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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.
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