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April 3, 2023

Car Sales March 2023: Mixed Results

While Maruti and Kia India report sales declines, Hyundai Motor, Toyota Kirloskar, and MG Motors report sales increases in March 2023.

Maruti Suzuki

Maruti Suzuki India (MSIL), the country's largest passenger vehicle manufacturer, reported sales (dispatches to dealers) of 1,32,763 units in March, a marginal decrease year on year (YoY) compared to 1,33,861 units in the same month last year.

However, for the fiscal year 2022-23, the company reported its highest-ever total sales (including exports) of 19,66,164 units, up from 16,52,653 units in FY2021-22.

"The shortage of electronic components had an impact on vehicle production in FY2022-23. "The company took every precaution to reduce the impact," MSIL said in a statement.

Kia & Nissan

Kia India also reported a 5% decrease in domestic sales during the month to 21,501 units, compared to 22,622 vehicles in the same month last year.

Nissan Motor India increased its domestic wholesale to 3,260 units in March 2023, up from 3,007 units in March 2022.

Hyundai & Toyota

Hyundai Motor India (HMIL) increased its domestic market sales by 13% to 50,600 units in March, compared to 44,600 vehicles in the same month last year. In the domestic market, the company's yearly sales increased 18% to 5,67,546 units, up from 4,81,500 units in FY2021-22.

Toyota Kirloskar Motor (TKM) also reported a 9% increase in March 2023 to 18,670 units, up from 17,131 units in March 2022. In addition, the company recorded its highest domestic wholesales in the last ten years, selling 1,74,015 units in FY2022-23, compared to 1,23,770 units sold in FY2021-22.

"We are pleased to end this fiscal year on a high note, and we anticipate continued momentum and growth in fiscal 2024-2025." The passenger vehicle segment grew steadily last year, and TKM was ready to ride the wave by making deeper inroads into the market to meet the diverse mobility needs," said Atul Sood, Vice President, Sales and Strategic Marketing, TKM.

MG Motor

MG Motor India recorded a retail sales of 6,051 units in March, a growth of 28 per cent as compared with 4,721 units over the same month last year. This is an all-time high for MG Motor in terms of monthly unit sales.

Info Source:  Businessline

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