Indian car market grows, Maruti and Hyundai lead sales in October 2023

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©Reuters.

The Indian automobile industry saw substantial growth in October 2023, with car sales increasing by 16.25% year-on-year. The market is dominated by Maruti, Hyundai, Tata, Mahindra and Kia, which together account for 86.88% of the market share.

Maruti Suzuki is the market leader with 43% market share and sales of 168,047 vehicles. The company is currently testing the fourth generation Maruti Swift for potential launch. Hyundai Motor followed, with an annual growth rate of 14.85% and sales of 55,128 units. The Korean automaker also announced the addition of six airbags across all models, with advanced driver assistance systems (ADAS) standard on five models.

Tata Motors and Mahindra sold 48,337 units and 43,708 units respectively in October. During this period, competition between Tata Motors and SUV brand Mahindra was fierce. Despite the lack of new product launches, Mahindra has managed to stay close to Tata’s sales figures due to factors such as increased production, pending orders and festive sales.

Kia India reported sales of 24,351 units in October, more than half of which came from the Seltos SUV. The company is also testing a new Sonet upgrade that will be released next year.

Toyota achieved a double-digit year-on-year growth of 56.30%, with sales reaching 20,542 vehicles, relying on the hot sales of Urban Cruiser Hyryder, Innova Hycross and Hilux models. At the same time, Honda’s sales fell by 1.50% year-on-year and 4.67% month-on-month to 9,400 units.

Others such as MG saw retail sales rise to 5,108 units, while Skoda and Volkswagen (ETR: ) also reported improved sales in October. However, Renault and Nissan saw sharp declines in year-on-year growth.

The industry is expected to launch exciting products such as Mahindra’s Thar 5-door XUV.e8, XUV700 and XUV300 electric facelifts, and Tata’s Curvv EV, Harrier EV, Safari EV and Punch EV. October 2023 was a strong month for the Indian automotive industry, with 10 important new car launches.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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