Passenger vehicle sales in India grew 33% in July
What's the story
The Indian passenger vehicle (PV) market witnessed a massive 33% growth in July, with an estimated 4.7 lakh units dispatched. The surge was mainly driven by record-breaking sales from industry leaders Maruti Suzuki and Hyundai. Tata Motors and Mahindra & Mahindra also posted impressive double-digit growth figures during the month. The positive trend is attributed to GST 2.0, tax relief measures, and reduced repo rates.
Market leaders
Best-ever monthly sales for Maruti Suzuki and Hyundai
Maruti Suzuki, the market leader, achieved its highest-ever domestic passenger vehicle sales in July at 1,96,203 units.
This is a whopping 43.4% increase from the 1,37,776 units sold in July last year.
Hyundai Motor India Ltd also posted its best-ever monthly domestic sales at 54,210 units last month, a 23.3% jump from the same month last year.
Sales surge
Tata Motors registered a whopping 58% increase
Tata Motors Passenger Vehicles Ltd also saw a whopping 58% increase in domestic PV sales last month.
The company sold 62,611 units as compared to 39,521 units in July last year.
Meanwhile, Mahindra & Mahindra reported a 20% growth in utility vehicle sales at 60,048 units last month against the same month last year.
Additional gains
Honda, Toyota, and Kia also posted growth figures
Honda Cars India Ltd reported a domestic sales growth of over 48% with 6,014 units sold during the month.
Toyota Kirloskar Motor also witnessed a 5% rise in domestic sales at 30,516 units in July this year.
Kia India recorded a whopping 27.4% increase in wholesale dispatches at 28,200 units last month, its best-ever July wholesale performance since inception.