Auto Sales In January 2024: Hero MotoCorp's Sales Rise 22% On Strong Domestic Market

Hero MotoCorp Ltd.'s total sales rose 22% to 4.34 lakh units in January as dispatches in domestic market remained strong amid a gradual recovery in demand.

Sales Snapshots (YoY):

• Domestic sales rose 20.5% to 4.21 lakh units.

• Motorcycle sales grew 20.5% to 4.02 lakh units.

• Scooter sales 37% to 31,542 units.

• Exports surged 75% to 12,664 units.

TVS Motor Co.'s total two-wheeler dispatches to dealerships rose 25% to 3.30 lakh units with growth in both domestic and overseas markets.

Sales Highlights (YoY):

• Total sales rose 23% to 3.40 lakh units.

• Domestic two-wheeler sales rose 24% to 2.68 lakh units.

• Two-wheeler exports grew 28% to 61,704 units.

• Three-wheeler sales fell nearly 1% to 9,576 units.

Eicher Motors Ltd.'s total motorcycle sales rose 2% even as the dispatches of the comparatively affordable models dipped.

Sales Snapshots (YoY):

• Sales of models with engine capacity up to 350cc fell 1% to 67,620 units.

• Sales of models with engine capacity exceeding 350cc rose 31% to 8,567 units.

• Exports fell 20% to 5,631 units.

Ashok Leyland Ltd.'s total dispatches to dealerships fell 7% to 15,939 units as truck sales fell sharply.

Sales Highlights (YoY):

• Total medium and heavy commercial vehicle sales fell 8% to 10,218 units.

• Light commercial vehicle sales fell 7% to 5,721 units.

Eicher Motors Ltd.'s subsidiary VE Commercial Vehicle Ltd.'s dispatches to dealerships fell 1.6% to 7,066 units in January.

Sales Highlights (YoY):

• Domestic sales fell 4% to 6,503 units.

• Exports grew 77% to 355 units.

Maruti Suzuki India Ltd.'s total dispatches rose 15.5% to 1.99 lakh units in January as the carmaker sought to build-up inventory as stock fell at dealerships due to heavy discounts in December.

Sales Snapshots (YoY):

• Total domestic dispatches rose 13% to 1.75 lakh units.

• Sales in mini and compact segment fell 7% to 92,382 units.

• Utility vehicle sales surged 75% to 62,038 units.

• Exports rose 37% to 23,921 units.

Tata Motors Ltd.'s total dispatches to dealerships rose 6% to 84,276 units in January as growth in passenger vehicle sales offset the fall in the commercial vehicles dispatches.

Sales Highlights (YoY):

• Passenger vehicle sales grew 12% to 53,633 units.

• Electric passenger vehicles sales rose 69% to 6,979 units.

• Total commercial vehicle sales fell 2% to 32,092 units.

• Heavy commercial vehicle sales fell 11% to 8,906 units.

• Small commercial cargo and pickup vehicle sales fell 7% to 13,122 units.

Mahindra & Mahindra Ltd.'s utility vehicle sales rose 30% to 43,068 units in January. The tractor sales fell with decline in both domestic and overseas markets.

"Retail momentum slowed down on account of tapering of agricultural activities," Hemant Sikka, president of farm equipment sector, said in statement.

Sales Snapshots (YoY):

• Sales of medium duty light commercial vehicles fell 5% to 17,116 units.

• Three-wheeler sales fell 14% to 5,649 units.

• Tractor sales fell 17% to 23,948 units.

Bajaj Auto Ltd.’s total two-wheeler sales jumped 27% to 3.08 lakh units in December as healthy recovery continued in the two-wheeler market. The company’s sales were driven by domestic market with exports also gaining momentum.

Sales Snapshots (YoY):

• Total sales rose 24% to 3.56 lakh units.

• Three-wheeler sales rose 6% to 47,762 units.

• Domestic two-wheeler sales rose 36% to 1.93 lakh units.

• Two-wheeler exports rose 14% to 1.15 lakh units.

Escorts Kubota Ltd.'s total dispatches to dealerships fell 7% to 6,185 units as rural sentiments were hit by delayed Rabi sowing and lower water reservoir levels, the company said in an exchange filing.

"With overall improvement in Rabi sowing and as we move towards harvest season, we anticipate demand momentum to improve in the upcoming months," Escorts said in the filing.

Sales Highlights (YoY):

• Domestic sales fell 6.7% to 5,817 units.

• Exports fell 11% to 368 units.

Indian automakers are announcing their January sales figures on Thursday.

Auto dispatches to dealerships suggest that passenger vehicle sales rose in January due to inventory buildup at the beginning of the year.

Recovery in mass segments kept the two wheeler sales growth healthy, while the benefit of a low base will also reflect in the numbers.

Robust economic activity also helped the commercial vehicle sales in the month and the momentum is likely to continue, but tractor sales may remain soft for a few more months.