January 2024 Indian Car Sales


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350Z

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January 2024 Indian Car Sales

Top 10 Selling Cars: January 2024

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Manufacturers' Market Share: January 2024

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Citroën January 2024 Indian Car Sales

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Honda January 2024 Indian Car Sales

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Hyundai January 2024 Indian Car Sales

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Jeep January 2024 Indian Car Sales

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Kia January 2024 Indian Car Sales

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Mahindra January 2024 Indian Car Sales

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Maruti Suzuki January 2024 Indian Car Sales

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Morris Garages January 2024 Indian Car Sales

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Nissan January 2024 Indian Car Sales

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Renault January 2024 Indian Car Sales

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Skoda January 2024 Indian Car Sales

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Tata Motors January 2024 Indian Car Sales

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Toyota January 2024 Indian Car Sales

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Volkswagen January 2024 Indian Car Sales

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Thread Starter #2

350Z

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FADA Vehicle Retail Data: January 2024

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Press Release:
The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for Jan'24

January’24 Retails

Commenting on January’24 Auto Retails, FADA President, Mr. Manish Raj Singhania said, “January 2024 began on a promising note for the calendar year, demonstrating 15% overall retail growth compared to the previous year. All vehicle categories – 2W, 3W, PV, Tractors, and CV – achieved positive YoY growth of 15%, 37%, 13%, 21%, and 0.1% respectively. Several positive trends in the 2W market signalled a robust start to the year. Improved vehicle availability, due to adjustments post-OBD 2 norm implementation, the introduction of new models and a shift towards premium options all contributed to increased demand. This, combined with a good harvest, a positive marriage season and effective follow-ups and offers, indicate a favourable trajectory for the 2W sector. Furthermore, despite supply shortages, increased interest in electric vehicles highlights evolving consumer preferences within this segment.

The 3W sector revealed a mixed landscape. While growth and optimism continue within the commercial 3W market, intensified competition from electric models underscores a significant market shift – now 55% electrified. January 2024 presented a complex scenario for the CV segment, demonstrating limited YoY growth. On one hand, increased infrastructure development, port activity and positive crop yields fuelled certain market segments. However, this momentum was hindered by extreme weather, tightened liquidity, high vehicle costs and more restricted financing.

A record-breaking month, the PV segment achieved all-time high retail sales of 3,93,250 units and impressive 13% YoY growth. SUV demand, along with the introduction of new models, greater availability, effective marketing, consumer schemes and the auspicious wedding season, underpinned this strong performance. However, despite this achievement, serious concerns remain regarding PV inventory levels, now in the 50- 55 day range. This calls for immediate recalibration of production from OEMs to better align with actual market demand and avoid future oversupply issues. As adaptability is crucial in this dynamic industry, OEMs must balance innovation with strategic production planning to ensure sustained success and overall market stability."

Near-Term Outlook: Balancing Growth Signals and Navigating Challenges

February 2024 presents a multi-faceted outlook for Indian Auto Retail. While Dealers anticipate growth, it's crucial to acknowledge the prevailing challenges that require close navigation:

Factors Promoting Growth:

§ Demand Drivers: The ongoing marriage season, anticipated income from agricultural sales provide a positive foundation for continued consumer spending, supporting growth in the 2W segment.

§ New Launch Momentum: Increased vehicle availability and successful new model introductions across all segments hold the potential to stimulate market demand

§ Policy Impact: Favourable post-Union Budget policies are expected to drive growth in the CV sector, particularly within infrastructure-related industries.

§ Potential for Further Growth: The Government's optimistic crop production estimates and continued support measures are expected to boost the rural economy, potentially leading to even higher tractor demand and increased sales of entry-level 2Ws in rural areas.

Challenges and Market Complexities:

§ Market Uncertainty: Anticipation of upcoming elections may introduce caution among consumers, affecting purchasing decisions across vehicle segments.

§ Supply Constraints: Persistent supply bottlenecks for specific high-demand models present a risk factor for consistent growth across 2W, CV and PV segments, highlighting the need for OEM optimization of production lines.

§ Finance & Liquidity: Fluctuating market liquidity and the potential for tighter financing in the CV sector require a focus on consumer financing solutions to support overall sales.

On an overall basis, the Industry Outlook leans towards cautious optimism but shows growth potential in near term.

Key Findings from our Online Members Survey

§ Inventory at the end of Jan'24
o Average inventory for Passenger Vehicles ranges from 50-55 days
o Average inventory for Two – Wheelers ranges from 10-15 days

§ Liquidity
o Neutral 45.98%
o Good 36.98%
o Bad 17.04%

§ Sentiment
o Neutral 44.37%
o Good 39.23%
o Bad 16.04%

§ Expectation from February
o Growth 54.02%
o Flat 37.94%
o De-growth 08.04%
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Thread Starter #3

350Z

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SIAM Sales Summary Report: January 2024

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Press Release:
Monthly Performance: January 2024

Production: The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in January 2024 was 23,28,329 units

Domestic Sales:

• Passenger Vehicles2 sales were 3,93,074 units in January 2024.
• Three-wheeler sales were 53,537 units in January 2024
• Two-wheeler sales were 14,95,183 units in January 2024.

Commenting on sales data of January 2024, Mr Vinod Aggarwal, President, SIAM said, “Passenger Vehicle sales have remained resilient led by positive consumer sentiments, while Two-Wheeler Segment witnessed good growth in January as well, as the rural market continues to recover. Three-Wheeler segment has also performed better. Though the Commercial Vehicle Sector did not grow in January 2024, it is likely to see good offtake in next 2 months of this financial year. Government’s strategic focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infra and public transport, should help in continuing with the overall growth momentum for the Auto Sector.”

Commenting on January 2024 performance, Mr Rajesh Menon, Director General, SIAM said, “Passenger Vehicles again saw highest ever sales in the month of January posting a growth of 14%, as compared to the previous year. Three-Wheeler sales grew by 9% during January 2024 while Two-Wheelers posted a good growth of 26% in January 2024, compared to January 2023. Passenger Vehicles and Three-Wheelers continue to post their highest ever sales till date, in FY 24, for the period April to January.”
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