The retail car sales figure crossed 5 lakh in October 2024. According to vehicle data, till October 31, 5.13 lakh vehicles were registered in the country. This means that 16,550 cars were sold every day. Earlier in January this year, a record 3.99 lakh cars were registered.
In the current financial year, an average of 3.33 lakh vehicles were sold every month, 5% more than last year. Last year, 38 lakh cars were sold. For the first time, electric car sales exceeded 10,000, up 38% on an annual basis. Analysis of wholesale vehicle data last month shows that buyers in the country prefer SUVs and premium cars.
Maruti’s total sales grew by 4%, but SUV sales grew by 20%. Maruti Suzuki, the country’s largest carmaker by sales, sold over two lakh cars in a month for the first time. Total sales increased by 4% to 206,434. Apart from this, the company also exported 33,168 cars.
Maruti Suzuki’s SUV segment sales grew 20% on a year-on-year basis. In contrast, there was a 20% drop in sales of small cars, leading to a 5% drop in domestic wholesale. However, the company has sold a maximum number of 1,59,591 cars in the country.
Mahindra & Mahindra, the country’s second largest company in terms of SUV manufacturing, witnessed a 25% growth in its SUV sales. Hyundai Motors India sold 37,902 SUVs, marking its biggest sale in a single month. Mahindra & Mahindra’s SUV sales in the Indian market increased by 25% year-on-year to 54,504. Hyundai wholesaled 55,568 cars in the domestic market. was 55,128 in October this year. Additionally, the company’s exports increased by 6.7% on an annual basis to 14,510 units. JSW MG Motor India sold 31% more vehicles on an annual basis. New energy vehicles account for 70% of total sales. Launched last month, 3,116 units of the Windsor have been sold.
Electric two-wheelers: sales increased by 85%, 1.39 lakh vehicles sold Two-wheeler sales grew rapidly in the last month of October. 1.39 lakh electric two-wheelers were registered in October. This is 85% more than the 75,164 vehicles registered in October last year.
In March this year, 1,40,333 vehicles were sold, which is a record. 9,54,164 electric two-wheelers have been sold since January this year. This is 38% more than the 6,92,363 sold during the same period last year.
Ola Electric had the largest share of total two-wheeler sales. The company sold 41,605 scooters in October, 74% more than the same period last year.
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Maruti-Suzuki profit down 17% YoY: Q2 profit at ₹3,069 crore, compared to ₹3,717 crore in Q2 last year; The stock fell 6%
Maruti Suzuki reported a profit (standalone net profit) of Rs 3,069 crore in the second quarter (July-September) of the financial year 2024-25. There was a 17% decline on a year-over-year (YoY) basis. The company had made a profit of Rs 3,717 crore in the July-September quarter a year ago.
The company’s operational revenue during the July-September quarter stood at Rs 37,203 crore. In July-September 2023, the company had generated a revenue of Rs 37,062 crore. There was a slight increase of 0.37% on an annual basis. Income from the sale of goods and services is called revenue.