Auto Sales Rush To Log Double Digit Growth; Touch 3.6 Lakh Units In Aug

New Delhi, Sept 2 (KNN) The domestic automobile wholesales stood at a record-high of 3,60,897 units in August driven by an uptick in demand for SUVs (sports utility vehicles).

It is up 9.7% year-on-year as against 3,26,980 units in the same period last year. 

The automobile industry previously achieved this feat in September 2022 when the industry clocked 3,55,000 units in sales, reported Fortune India.

The domestic automobile retail sales stood at 3,43,000 units during the month under review, up 7.3% vis-a-vis 3,19,800 units in the same period last year.

“We have seen a continued good demand in the industry. The festive season that started in Kerala with the Onam celebration has seen a positive growth of 25% in Kerala. Automakers have introduced a lot of new models in the SUV segment. So the introduction of new models in the fast-growing SUV segment has helped Maruti Suzuki in a big way,” says Shashank Srivastava, senior executive officer, marketing and sales, Maruti Suzuki.

“We have seen overall economy being high. The correlation between economic growth and GDP growth is quite high at .983. We saw good economic growth and hence the uptick in sales We saw an uptick in production as well because the semiconductor shortage is behind us. The production level has gone up since July,” he added.

According to Srivastava, the industry has a stock of 2,93,300 units for 30 days. 

Maruti Suzuki, the country’s largest automobile manufacturer, clocked 1,89,082 units in domestic sales, witnessing a growth of 14.4% YoY as against 1,65,173 units in the same period last year. 

The company’s passenger vehicle sales stood at 1,56,114 units during the month under review as against 1,34,166 units in the same period last year. The company continued to helm the SUV segment for the second straight month with sales of 41,658 units. According to Srivastava, SUV sales contributed 48.6% of total car sales in the industry.

This was followed by Hyundai Motors India Limited, which sold 71,435 units of passenger vehicles in August this year, up 14.82% YOY, as against 62,210 units in the same period last year. 

“The festival season in India has kicked off on a positive note with strong Onam sales in Kerala market and this is an indication of the festive fervour in other parts of the country in the coming months. Demand for SUVs in our portfolio remains robust, contributing more than 60% to our Domestic sales in August,” says Tarun Garg, COO, Hyundai Motor India.  (KNN Bureau )