Auto Sales August 2024: Decline for Tata Motors and Maruti Suzuki, while Toyota, MG Motor, and Kia see growth
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Summary: Auto sales August 2024 updates show some major decline in sales for Tata Motors, Maruti Suzuki, and Royal Enfield.
Automobile and motorcycle manufacturers will start releasing their August 2024 sales figures as September 2024 approaches. Two-wheeler manufacturers and carmakers like Maruti Suzuki, Tata Motors, MG, Kia, Hyundai, and Mahindra will share sales figures.
Despite a strong base and carmakers cutting dispatches to balance dealership stockpiles, August saw a fall in local passenger vehicle sales for the second consecutive month.
Industry estimates place the number of automobiles, sedans, and utility vehicles that were shipped from factories to dealerships this month at 350,000 and 355,000. This represents a 1.7–3% decrease from the 361,123 vehicles that were sold in August 2023.
After selling 71,693 vehicles in August 2024 as compared to 78,010 in August 2023, automaker Tata Motors saw a decline in overall sales of 8.1%. Domestic sales alone declined 8% year on year, from 76,261 to 70,006 units. Sales of medium and heavy commercial vehicles (MH&ICV) dropped from 13,506 to 12,008 units.
Likewise, Maruti Suzuki revealed that its total sales for August decreased by 4% compared to last year to 181,782 units shipped as opposed to 189,082 units during the same month the previous year. Domestic passenger car sales decreased from 156,114 to 143,075 units, representing an 8% decline.
The Nifty Auto index was trading 0.46 percent lower at 26,051.70. Tata Motors was down more than 1%, while TVS Motors and VST Tillers fell 0.3 and 0.5 percent, respectively. Hero MotoCorp saw an increase of 1.29 percent, with Eicher and Maruti Suzuki also reporting gains of 0.3 and 0.2 percent, respectively.
In August 2024, Royal Enfield motorbike sales at Eicher Motors decreased by 5% to 73,629 units from 77,583 units the previous year.
However, compared to 345,848 units in August 2023, TVS Motor Company's overall sales increased by 13% to 391,588 units in August 2024.
Bajaj sold 2,08,621 two-wheelers domestically in August 2024, up from 1,60,820 in August 2023, representing a 30% increase year on year.
In August 2024, JSW MG Motor India reported 4571 units sold at retail. This equates to a YoY gain of 9%. During this time, electric cars—which include the MG ZS EV and MG Comet—have accounted for 35% of the overall volume.
