Car Sales Report July 2024 - Tata Declines, Toyota Surprises

The seventh month of 2024 was a rollercoaster as marquee automobile manufacturers reported unprecedented figures. While Maruti Suzuki, Tata and Hyundai witnessed a month-on-month decline, the likes of Mahindra, Toyota and Kia maintained a positive sentiment.

Maruti Suzuki

As compared to the 1,81,630 units sold in June last year, Maruti reported a 4% y-o-y decline at 1,75,041 last month. Domestic sales of passenger cars also went down by 9% to 1,37,463, while exports grew to 23,985 during the same period.

Hyundai 

Last month, the Creta maker had a 3% decline in passenger vehicle sales to 64,563 cars from 66,701 cars sold in the corresponding period last year. Hyundai’s domestic and international sales were down by 3.33% and 2.8%, respectively. Hyundai Motor India Limited is readying for India’s largest IPO reportedly by the end of 2024.

Tata

Tata’s cumulative sales, including electric vehicles, stood slightly short of the 45,000 mark by 46 units, representing a 6% y-o-y decrease. Electric passenger vehicles, including Nexon and Punch, sold in July were 5,027, translating to a 21% drop compared to 6,329 units in the same month of 2023. Notably, this is Tata’s fourth consecutive month of falling sales.

Mahindra 

Homegrown brand Mahindra sold 41,623 vehicles domestically, marking a 15% year-on-year uptick. The momentum was carried forward by XUV 3XO, Scorpio N and XUV 700, with some of them having a waiting period of up to 12 months. Talking about exports, shipments fell by 40% as compared to July 2023. 

Toyota

Japanese carmaker Toyota’s wholesale sales figure of 31,656 cars was its best-ever in a month. Out of that, 29,533 went to the domestic market, while overseas shipments totalled to 2,123 cars. This also meant a 44% growth compared to July 2023’s 21,911 units sold. In June 2024, Toyota sold 27,474 cars.

Honda

There was a 60-40 split between the 4,624 vehicles that Honda sold last month, the former and latter represented by exports (2,710) and domestic purchases (1,914), respectively. Cumulatively, y-o-y sales went up by 18%, whereas exports alone reported a 22% growth. Honda majorly exports the Elevate SUV from its Tapukara facility in Rajasthan.

Also read - June Auto Sales Report: Maruti Suzuki, Hyundai, Tata, Mahindra