Car sales slow down; Tata Motors sees 8 per cent fall in June – The New Indian Express

NEW DELHI: Owing to the lack of fresh demand and the high base of last year, car sales growth remained in the slow lane in June 2024. According to industry figures, total domestic passenger vehicle (PV) sales last month stood at 340,784 units, up by about 12,000 units or 3.6%, when compared to June 2023 sales (328,710 units).

The limited growth comes even as original equipment manufacturers (OEMs) flooded the market with attractive discounts and offers.

While the country’s largest carmaker Maruti Suzuki (MSIL) reported a 3.1% increase in domestic passenger vehicle sales to 137,160 units in June 2024 and Hyundai barely managed to remain in green at 50,103 units, homegrown auto-major Tata Motors witnessed its sales plummeting by 8% to 43,524 units. At 43.5K units, this is the lowest sales for Tata Motors in calendar year 2024.

“In the first quarter of the financial year 2024-25, after a boost in demand in the first half of April, on account of festivities in some parts of the country, the passenger vehicle industry saw a decline in retails (registrations) in the months of May and June, influenced by the general elections and heat waves across the country,” said Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles.

Chandra added that the electric vehicle industry was affected by the broader industry trend and the impact of significant preponement fleet sales in the fourth quarter of the financial year 2023-24, because of the expiry of FAME II subsidy in March 2024. Electric vehicle sales for the automaker declined sharply by 34% to 4,657 units in June.