November proves to be best month for car sales | News Bharat

Auto retail sales hit a record high in November as automakers had their best month ever, with cumulative shipments of India’s top 10 passenger car makers up 31.7% year-on-year to 310,807 units last month, This is due to improved semiconductor supply.

The availability of semiconductors enables automakers to produce more units. November was also the sixth month in a row that domestic auto sales exceeded 300,000 units. In India, car companies count orders to dealers as sales.

Maruti Suzuki India Senior Executive (Marketing and Sales) Shashank Srivastava told the media that the world’s fourth-largest passenger car market is progressing well and will surpass its all-time sales volume in calendar year 2018 and end the fiscal year ending December 31, 2022 It was estimated at 3.8 million units at the time, and the previous high was 3.3 million units in 2018.

Automakers are optimistic that record sales will end the year thanks to strong orders of 750,000 units for the industry, with Maruti’s share at 375,000 units.

The market leader saw sales of the entry-level, compact and SUV segments in the domestic market rise 20.6 percent year-on-year to 132,395 units in November.

Hyundai Motor India’s sales rose 29.7% to 48,003 units. “The company is on track to achieve its highest domestic sales since its inception in India in 2022,” said Tarun Garg, director of sales, marketing and services at Hyundai Motor India.

Tata Motors also saw a 55% increase in shipments to 46,425 units for the month. Sales of Mahindra and Mahindra also rose 56% to 30,238 units in November.

Petr Ć olc, Brand Director, Skoda India, said: “With our sales figures for November, we passed the milestone of the highest sales record in history and became the third largest market for Skoda Auto.” He further said that the annual sales this year exceeded 2021.

On Tuesday, S&P Global Ratings cut India’s economic growth forecast for the current fiscal year ending March 31 to 7% from its previous forecast of 7.3%. S&P also lowered its growth forecast for 2023 to 6% from its previous forecast of 6.5%.

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