In November 2022, the Indian passenger vehicle segment recorded an uptick of 32 percent year-on-year sales, with wholesale numbers of 10 out of 16 mass-market carmakers adding up to 3,10,580 units. This is the sixth month in a row that numbers have driven past the 3,00,000-unit count.
What has helped fuel as well as sustain the high growth rate is improved production for most carmakers as a result of better supplies of semiconductors. What’s more, the combined backlog of just three leading players – Maruti Suzuki, Mahindra & Mahindra and Tata Motors – adds up to 7,50,000 units, all of them for popular models.
Meanwhile, with cumulative sales of 2,594,665 units in the first eight months of the ongoing fiscal, the Indian passenger vehicle segment is cruising towards record sales of around 3.8 million units.
Here’s a detailed look at how the top 10 carmakers fared last month:
| November 2022 passenger car sales | ||||
|---|---|---|---|---|
| Maruti Suzuki | 1,32,395 | 1,09,726 | 22,669 | 21% |
| Hyundai | 48,003 | 37,001 | 11,002 | 30% |
| Tata Motors | 46,037 | 29,778 | 16,259 | 55% |
| Mahindra | 30,392 | 19,458 | 10,934 | 56% |
| Kia | 24,025 | 14,214 | 9,811 | 69% |
| Toyota | 11,765 | 13,003 | -1,238 | -10% |
| Honda | 7,051 | 5,457 | 1,594 | 29% |
| Skoda | 4,433 | 2,196 | 2,237 | 102% |
| MG Motor | 4,079 | 2,481 | 1,598 | 64% |
| Nissan | 2,400 | 2,651 | -251 | -9% |
| Total | 3,10,580 | 2,35,965 | 74,615 | 32% |
The top six players – Maruti Suzuki, Hyundai, Tata, Mahindra, Kia and Toyota – together account for 2,92,617 units or 94 percent of total sales in November, of which Maruti Suzuki has a 42 percent share.
Maruti Suzuki - 132,395 units / 21 percent YoY
Maruti Suzuki reported wholesales of 1,32,395 units in November 2022, a 21 percent increase over last year. Its entry-level cars – the Alto and S-Presso – saw marginal 4 percent growth in November at 18,251 units. Maruti Suzuki’s six-pack comprising the Baleno, Celerio, DZire, Ignis, Swift and Wagon R have posted 28 percent growth last month with 72,844 units (November 2021: 57,019).
The UVs – the new Brezza, Ertiga, XL6 and the new Grand Vitara – contributed 32,563 units, up 33 percent on year-ago 24,574 units. Maruti Suzuki is currently seeing very strong demand for the recently launched Grand Vitara and the new Brezza. Meanwhile, the Ciaz sedan sold 1,554 units in November, up by 43 percent over last year.
The company, which has an estimated order backlog of a little over 4,00,000 units, is currently operating at 90 percent manufacturing capacity. It is also driving home the CNG market advantage, having recently expanded its CNG portfolio to the premium Nexa channel with the Baleno and the XL6. Maruti Suzuki now has all of 12 models with CNG option.
Hyundai - 48,003 units / 30 percent YoY
Hyundai’s 48,003 units constitute year-on-year growth of 30 percent (November 2021: 37,001 units). Seen from a calendar-year perspective, with cumulative numbers of 5,13,681 units in the first 11 months of 2022, the company has crossed the half-a-million-units sales milestone and with December numbers yet to be counted in, it is headed for its best-ever annual sales yet in India.
The company also recorded exports of 16,001 units last month – a massive growth of 61.5 per cent over 9,909 units the company sold in November last year. Combining exports and domestic sales, Hyundai sold a total of 64,004 units in November 2022, which is a growth of 36.4 per cent over 46,910 units sold in November 2021.
Tata Motors – 46,037 units / 30 percent YoY
Tata Motors reported sales of 46,037 units in November 2022, just 1,966 units behind Hyundai. This constitutes 55 percent year-on-year growth and is 16,259 units more than 29,778 units the carmaker had sold in November 2021. Where Tata Motors has a strong advantage over other carmakers is with its EV portfolio. At present, it has three models – the Nexon EV, Tigor EV and the fleet-only XPres-T EV. The Tiago EV will enter the market in January 2023.
Tata Motors have targeted the production and sale of over 5,00,000 passenger vehicles, including 50,000 EVs in FY2023, and it is well on track towards achieving its goal. With cumulative sales of 3,63,704 units between April-November, and with four months left in the ongoing fiscal, Tata Motors is 1,36,296 units away from that target. The estimated model split for the cumulative sales is 3,34,765 IC engine cars and 28,939 EVs.
Mahindra & Mahindra – 30,392 units / 56 percent YoY
Mahindra sold 30,238 SUVs in November 2022, up 56 percent (November 2021: 19,384). The company also sold 154 e-Veritos, which augments the November total to 30,392 units, also up 56 percent year on year.
For the April-November 2022 period, cumulative SUV sales are 2,29,516 units, up 75 percent over the 1,31,434 units sold in the year-ago period. With this, Mahindra has driven past FY2022’s SUV sales of 2,23,682 units, with four months still to go in the fiscal.
The company, on November 1, had an order bank of 2,60,000 units, essentially comprising five models led by the recently launched Scorpio N and Scorpio Classic (1,30,000 units), XUV700 (80,000 units), Thar (20,000 units), Bolero and Bolero Neo (13,000 units) and the XUV300 (13,000 units). Given this scenario, Mahindra has announced an aggressive manufacturing capacity expansion programme, designed to increase production by 68 percent to over 6,00,000 units per annum over the next 12-15 months.
Kia – 24,025 units / 69 percent YoY
Kia India clocked wholesales of 24,025 units, a growth of 69 percent from November 2021 when it sold 14,214 units. Its mainstay – the Seltos – led the sales chart with 9,284 units, followed by the Sonet compact SUV (7,834), and the Carens (6,360) and Carnival (419) MPVs. The company also delivered 128 units of the premium EV6 electric car, taking the total EV6 deliveries to 296 units.
Toyota – 11,765 units / -10 percent YoY
Toyota Kirloskar Motor has reported wholesales of 11,765 units in November 2022, which is a 10 percent decline on November 2021’s 13,003 units.
In the first eight months of the fiscal year, Toyota clocked cumulative sales of 1,16,262 units, which constitutes 46 percent year-on-year growth (April-November 2021: 79,725 units). For the first 11 months of CY2022, Toyota has cumulative sales of 1,49,422 units, up 25 percent YoY (January-November 2021: 1,19,917 units).
Honda – 7,051 / 29 percent YoY
Honda Cars India posted a year-on-year growth of 29 percent in November 2022. The company sold a total of 7,051 units, in the domestic market as against 5,457 units sold in the same period last year. However, on a month-on-month basis, Honda’s sales were down by 26 percent with the company having sold 9,534 units in October 2022.
Exports, meanwhile, took a notable hit, down by almost 50 per cent to 726 units as against 1,447 units a year ago. On a month-on-month basis too, exports were massively down from 1,678 units in October 2022.
Skoda – 4,433 units / 64 percent YoY
Skoda reported sterling growth last month. At 4,433 units, November 2022 numbers are a 102 percent increase over last November's 2,196 units. This strong performance, mainly driven by the Kushaq and the Slavia, has ensured that Skoda’s sales in the year to date have risen by 137 percent year-on-year. In the first 11 months of 2022, Skoda has sold a total of 48,933 units (January-November 2021: 20,624), which is over and above the total calendar year 2021 sales of 23,858 units.
Given the sales momentum, the company should easily cross its 50,000-units sales target for CY2022. India is now Skoda’s third largest market globally and the company is driving new initiatives to further its growth. These include expanding its retail network by 26 percent from 175 in December 2021 to over 220 as on date.
MG Motor – 4,079 units / 64.4 percent YoY
MG Motor reported retail sales of 4,079 units in November 2022, thus recording a 64.4 percent year-on-year growth from November 2021 when it sold 2,481 units. Month-on-month sales, meanwhile, contracted by 288 units or 6.6 per cent as compared to October 2022. MG had posted sales of 4,367 units in October 2022.
Nissan – 2,400 units / -9 percent YoY
Nissan has reported domestic market wholesales of 2,400 units in November 2022, down 9.46 percent on year-ago sales (November 2021: 2,651 units). Cumulative numbers for the April-November 2022 period are 23,344 units, which is down 6.45 percent YoY (April-November 2021: 24,955 units).
The Nissan Magnite – which is practically its only model on sale – since its launch in December 2020, has sold 63,356 units till end-October 2022. It sold 9,569 units in FY2021, 33,905 units in FY2022 and 19,882 units in the first eight months of FY2023.
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