The Honda Elevate has been on sale in India since September 2023, and while sales were good initially – average of over 4,500 units in the first five months – demand has now reduced. In the last five months, the February to June 2024 period, Honda Elevate sales averaged about 2,380 units. However, the Elevate's exports to Japan, where it's sold as the WR-V, have been increasing steadily.
- Honda sold 5,435 Elevate SUVs in April-June period
- 10,659 Elevate's exported to Japan in the same period
- New Amaze coming this festive season
Compared to its rivals, the Elevate sits somewhat in the middle in terms of wholesales. In the first quarter of FY2025 (April-June 2024) models like the Hyundai Creta (46,402 units), Maruti Grand Vitara (27,066 units), Kia Seltos (19,776 units) and Toyota Hyryder (11,433 units) led the segment, while the Elevate (5,435 units), Volkswagen Taigun (4,838), Skoda Kushaq (3,514) and MG Astor (2,948) are slower sellers (see table).
On the other hand, the Elevate is giving Honda new charge in terms of exports. The brand has jumped into third place (behind Maruti and Hyundai) at the end of June 2024 with 18,009 units, up 256 percent on a low year-ago base of 5,508 units. Honda began shipping the Elevate in August 2023, and has exported 61,863 units so far. In Q1 FY2025, Honda sent 10,659 made-in-India Elevates to Japan, showing that the SUV’s export numbers are nearly double its domestic sales. The figure also means that Honda is now the second-highest utility vehicle exporter in the country.
For reference, Volkswagen exported 5,466 Taiguns, while Kia and Hyundai sent 1,764 Seltos and 782 Cretas, respectively, during the same period. The Elevate has also eclipsed the City's exports (7,080 units) in the same period.
We had reported that the company plans to export 30,000-50,000 Elevate SUVs by the end of 2024, and considering the over 10,000 units sent in three months, Honda seems to be meeting its goal.
Honda and Nissan seem to be sailing in the same boat – depending on exports to ensure economies of scale. Nissan India just has the Magnite compact SUV in its portfolio, and this model will soldier on with low-volume CBUs like the X-Trail until the Renault Duster-based SUV arrives in late 2025. The Magnite, which is due to receive a facelift later this year, saw wholesales of 6,722 units during Q1 FY2025 in the domestic market, while its export numbers amounted to 3,643 units. In the FY2023-24 period, Nissan sold over 30,000 Magnites, and exported a similar number, underlining the importance of exports for the brand.
Honda is currently working on bringing the new-gen Amaze compact sedan to the market this festive season, and its ACE (Asian Compact Electric) project is developing the Elevate-based global electric SUV, which is expected in India by 2026.
Viraaj Bhatnagar
Uday Singh
Suraj Viswanathan
