The Indian auto industry had a fruitful financial year (April 2022 to March 2023) as passenger vehicle sales grew by 26.7 per cent, with total registered annual sales of 38.8 lakh units. With supply chain constraints easing up and demand being on an ever-increasing path, 2023-2024 looks brighter. Before we look up to the upcoming year, here's a quick breakdown of the sales analysis of India's leading auto manufacturers for March 2023.
India's largest car maker managed total domestic sales figures of 1,32,763 units in March 2023, 1074 units less as compared to the 1,33,861 units sold in March 2022. M-o-M sales data has also seen around a 10 per cent decline. Maruti Suzuki has also unveiled the Fronx crossover in the AutoExpo 2023, which is expected to launch later this month.
South Korean auto major has reported tremendous growth in the financial year, with a total of 5,67,546 units sold. The brand sold 50,600 units in March 2023, compared to 44,600 units sold in March 2022. The export also grew by 2 per cent to 10900 units from 10687 units in the same month last year. Hyundai has recently launched an all-new Verna; head to our Youtube channel to watch the video.
The Indian homegrown brand has seen quite a turnaround in recent years with its new-age cars. They have reported total sales of 44,224 passenger vehicles, compared with 42,466 units sold during March 2022. Tata is expected to grow multifold with the new-age EVs hitting our shores in 2024 or later in 2025. Long way to go, but still, the future looks bright and shiny for Tata Motors.
Hyundai's sister brand- Kia Motors, has surpassed sales expectations ever since its launch in the Indian market. But, this time, numbers do not favour the manufacturer as they managed to sell 21,501 units in March 2023 against 22,622 units in March 2022, thus accounting for around a 5 per cent decrease in Y-o-Y sales figures. Moreover, M-o-M sales also fell significantly by 12.60 per cent.
Both the German brands have yet to reveal any sales or production data as of now for March 2023. We suspect the sales figures to be on an upward trend. Well, the launch of the all-new Verna could hamper the sales figure of Skoda Slavia and VW Virtus, but this is something only time will tell.
M&M has recently revealed its ambitious future plans with its electric vehicles, which are expected to hit on Indian roads soon. They have recently launched an EV version of an already exciting XUV 400. The company reported a 31% growth in vehicle sales during March 2023, with a total of 35976 units sold.
MG Motors encountered comparatively best growth in terms of sales growth as the brand managed to sell 6051 units in March 2023, thus registering its best monthly retail sales figures since its debut in India in 2019.
Honda Cars India has registered monthly domestic sales of 6,692 units and export of 3,189 units in March 2023, against 6,589 units in domestic sales and 2,243 units of export in March 2022. Honda is planning to make a strong comeback in the Indian market with Creta-rival SUV by mid-2023.