Auto Sales In July 2024 Live: Royal Enfield Dips 8%, As 350 CC Motorcycles Find Fewer Takers
Here's a look which automaker sold how much in the month gone by.
KEY HIGHLIGHTS
India's auto sales in July 2024 likely grew in low single-digits, supported by discounts, as inventory levels remained elevated.
While car sales are likely to stay muted, those of two-wheelers surged in the low double-digits last month, with Bajaj Auto Ltd. and Honda bringing in most of the gains, analysts said. The normal progress of the monsoon, as well as agri and jobs push in the budget, are likely to support rural demand. The industry itself is seen growing at 10% annually in fiscal 2025.
The single-digit growth story will, however, repeat in the commercial vehicle space. Nomura expects sales of trucks and buses to rise by about 6% in July and tractor sales to be just 3% higher.
Going ahead, there are a few positive cues.
A string of new launches in August—Tata Curvv, Mahindra Thar Roxx, BSA Goldstar 650, and an updated Royal Enfield Classic 350—should support volumes for the wider industry.
The budget as well as the normal monsoon should improve rural demand for both cars and two-wheelers, and farm equipment.
The extension of an EV subsidy scheme by two months to Sept. 30 should buoy electric two-wheeler and three-wheeler sales as well.
Auto Sales In July 2024: Royal Enfield
Royal Enfield's sales have dipped from a year ago, as its bread-and-butter segment of 350 cc motorcycles found fewer takers.
Sales of the Classic, Bullet, Hunter and Meteor motorcycles fell 12% year-on-year to 56,590 units from 64,398 units in the year-ago period, according to an exchange filing on Thursday.
But sales of Enfield's 450-650 cc range surged 22% over the year-ago to 10,675 units on the back of the demand for the new Himalayan 450.
Overall, domestic sales declined 8% year-on-year 67,265 units. Exports fell 14% year-on-year to 6,057 units.
Auto Sales In July 2024: Eicher Motors
Sales at VE Commercial Vehicles, a unit of Eicher Motors Ltd., rose in July 2024 despite cyclicality at play in the CV space.
VECV's sales rose 12.67% year-on-year to 6,622 units last month, as against 5,877 units in the year-ago period, according to an exchange filing. 6,044 Eicher-branded trucks and buses were sold in July 2024 as against 5,311 units in the year-ago period. Sales of Volvo buses rose 26.2% to 178 units.
The company's exports, however, fell to 400 units from 425 units last year.
Auto Sales In July 2024: Maruti Suzuki
Sales at Maruti Suzuki India Ltd. declined in July 2024 compared to the year-ago period, in an indication that India's largest carmaker by volume is rationalising production amid muted demand.
Total sales—including domestic sales, sales to other OEMs and exports, fell 4% year-on-year to 175,041 units last month, as against 181,630 units a year ago.
Domestic sales, which includes sales of cars and the Super Carry LCV, saw a steeper decline of 9.26% year-on-year—140,354 units in July 2024 versus 154,685 units a year ago. Sales to other original equipment manufacturers, including Toyota Kirloskar Motor India Pvt. Ltd., more than doubled to 10,702 units.
Exports increased by 8% year-on-year to 23,985 units.
Auto Sales In July 2024: TVS Motor
Auto sales at TVS Motor Co. Ltd. rose in July 2024 on the back of a more than 60% surge in EV volumes.
The Chennai-based automaker sold 339,676 units last month, as against 312,307 units in the year-ago period—a growth of 8% year-on-year, according to an exchange filing on Thursday.
According to the company,
India two-wheeler sales up 8% at 254,250 units
Motorcycle sales up 5% at 161,074 units
Scooter sales up 15% at 139,995 units
The EV business, however, outperformed.
Sales of the iQube electric scooter as well as the company’s electric three-wheelers rose 61% year-on-year to 21,442 units in July 2024, as against 13,306 units in the year-ago period.
Internationally, exports rose 9% year-on-year to 97,589 units. Within this, two-wheeler exports grew 11% over the year-ago period to 85,426 units.
The three-wheeler business grew at 6% year-on-year to 14,464 units.
Auto Sales In July 2024: Mahindra & Mahindra
Auto sales at Mahindra & Mahindra Ltd. rose in July 2024 as demand for SUVs remained unabated in the world’s third largest automotive market.
Overall auto sales at 66,444 units
Domestic CV sales at 19,713 crore
PV sales up 15% at 41,623 units
Total exports down 40% at 1,515 units
3-wheeler sales down 45% at 3,593 units
Separately, M&M's farm equipment business also grew in the month gone by. The company's tractor sales rose 8% year-on-year to 27,209 units in July 2024 as against 25,175 units in the year-ago period.
Still, the comppany is cautious on incoming demand.
"Rainfall progress remains a key monitorable for the coming months," Hemant Sikka, president for M&M's farm equipment division said in the exchange filing. "With budget allocations supporting agriculture and rural economy and favourable terms of trade for the farmers, the upcoming festive season is looking very promising for the tractor industry."
