Car Sales Report for August 2024: Indian passenger vehicle sales dip by 1% YoY. Major players like Maruti Suzuki and Hyundai see declines.
The Indian Car Sales Report for August 2024, marking a 1% year-on-year decline in overall sales compared to August 2023. The combined dispatches of seven major carmakers stood at 3,36,457 units, down from last year’s 3,40,770 units. The industry’s performance reflects tepid consumer demand and high dealer inventory, which carmakers are now trying to rationalize.
Key Highlights:
- Maruti Suzuki: Sales dropped by 8%, with 1,43,075 units sold in August 2024.
- Hyundai: Registered an 8% decline, selling 49,525 units.
- Tata Motors: Reported a 3% decrease with 44,142 units, including EV sales.
- Mahindra: Bucked the trend with a 16% increase, reaching 43,277 units.
- Toyota: Achieved a 37% growth, selling 28,589 units in August 2024.
Car Sales Report for August 2024
| Carmaker | August '24 Sales | August '23 Sales | YoY % |
|---|---|---|---|
| Maruti Suzuki | 1,56,114 | 1,43,075 | - 8 % |
| Hyundai | 49,525 | 53,830 | - 8 % |
| Tata Motors | 44,142 | 45,513 | - 3 % |
| Mahindra | 43,277 | 37,270 | 16 % |
| Toyota | 28,589 | 20,944 | 37 % |
| Kia | 22,523 | 19,219 | 17 % |
| Honda | 5,326 | 7,880 | -32 % |
| Total | 3,36,457 | 3,40,770 | -1 % |
Maruti Suzuki: Struggling Despite Utility Vehicle Demand
Maruti Suzuki’s sales for August 2024 reached 1,43,075 units, an 8% decline compared to August 2023. This marks the second consecutive month of declining sales for the company. Despite aggressive pricing strategies, models like the Alto and S-Presso saw a 13% drop in demand, selling only 10,648 units. The hatchback segment also witnessed a significant 20% YoY decline, with August dispatches totaling 58,051 units. On the brighter side, Maruti’s utility vehicles (UVs) have shown growth, sustaining the brand’s overall sales figures.
Hyundai: Consistent Decline with Some Bright Spots
Hyundai also faced an 8% YoY decline, with August 2024 sales totaling 49,525 units. This is the third month in FY2025 that Hyundai’s sales have dipped below the 50,000 mark. However, the demand for Hyundai’s SUVs, particularly the Creta, Venue, and Exter, remains strong. The facelifted Creta, launched earlier this year, has seen unprecedented demand, quickly reaching the 1,00,000-unit sales milestone in just six months.
Tata Motors: EVs Shine Amid Overall Decline
Tata Motors reported a 3% decline in total sales for August 2024, with 44,142 units sold, including 5,935 electric vehicles (EVs). Despite the overall dip, Tata’s EV sales have shown an 18% increase from July 2024. The Punch compact SUV remains a strong performer, outselling competitors and becoming India’s bestselling model in the first half of 2024. Tata’s CNG models are also gaining traction as the CNG infrastructure expands across the country.
Mahindra: A Strong Performer in a Challenging Market
Mahindra continues to defy the trend with a 16% YoY increase in sales, totaling 43,277 units in August 2024. This marks the best monthly performance since October 2023. The XUV700, Mahindra’s flagship SUV, is poised to surpass the 2,00,000 sales milestone domestically. Additionally, the newly launched Thar Roxx has contributed to Mahindra’s impressive sales figures.
Toyota: A Stellar Growth Trajectory
Toyota recorded a 37% YoY growth in August 2024, with 28,589 units sold. This is Toyota’s second-best monthly performance in FY2025, continuing its growth momentum from earlier in the year. The company’s cumulative sales for the first five months of FY2025 reached 1,26,456 units, a 36% YoY increase. Toyota’s growth is driven by strong demand for its models and the continued popularity of its rebadged Maruti Suzuki models.
Kia: Best Monthly Performance of FY2025
Kia India achieved its best monthly performance in FY2025 with 22,523 units sold in August 2024, marking a 17% YoY increase. The Sonet compact SUV, which saw an update in January, continues to drive Kia’s sales, along with the Seltos and Carens MPV. Kia’s cumulative sales for April-August 2024 stood at 1,03,798 units, with the Sonet accounting for 43% of the total.
Honda: A Steep Decline
Honda Cars India saw a significant 32% decline in sales for August 2024, with 5,326 units sold. The company’s sales have been declining steadily, and the April-August 2024 period saw a 14% YoY decrease. While the Elevate midsize SUV has shown some promise, overall sales have slowed down in recent months.
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