Auto sales LIVE: Hero Moto sales rise 22% to over 4.33 lakh units in January

Automobile manufacturers such as Maruti Suzuki, Tata Motors, Hyundai, Hero MotoCorp, Bajaj Auto, TVS Motor, and Toyota, among others, are set to report their January 2024 sales numbers on the day Finance Minister Nirmala Sitharaman is set to present the interim budget or vote-on-account.

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 433,598 lakh units in January 2024. This translates into a robust 22% growth over the corresponding month (January 2023), when it had sold 356,690 units.

Honda Cars India registers 11% growth with 8681 units of domestic sales in January 2024. Clocks highest ever monthly export volume of 4,531 units. Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, registered monthly domestic sales of 8,681 units in January 2024. The export numbers for HCIL stood at 4,531 units in Jan’24.

TVS Motor Company recorded monthly sales of 339,513 units in January 2024 with a growth of 23% as against 275,115 units in the month of January 2023. Total two-wheelers registered a growth of 25% with sales increasing from 264,710 units in January 2023 to 329,937 units in January 2024. Domestic two-wheeler registered growth of 24% with sales increasing from 216,471 units in January 2023 to 268,233 units in January 2024. Motorcycle registered a growth of 29% with sales increasing from 121,042 units in January 2023

to 155,611 units in January 2024. Scooter registered a growth of 24% with sales increasing from 106,537 units in January 2023 to 132,290 units in January 2024. EV sales registered a growth of 34% with sales increasing from 12,169 units in January 2023 to 16,276 units in January 2024.

Ashok Leyland January total sales at 15,939 units

Eicher Motors (Motorcycles) total sales are up 2% at 76,187 units vs 74,746 units (YoY).

In January 2024, Maruti Suzuki India Limited sold a total of 199,364 units, which is its highest-ever monthly sales volume. Total sales in the month include domestic sales of 170,214 units, sales to other OEMs of 5,229 units and exports of 23,921 units.

Tata Motors Ltd sales in the domestic and international markets for January 2024 stood at 86,125 vehicles, compared to 81,069 units during January 2023.

Mahindra & Mahindra Ltd's total automotive dispatches rose 15% on year to 73,944 vehicles in January, according to an exchange filing. The automaker's wholesale volumes were driven by strong growth in utility vehicle sales and an uptick in commercial vehicle sales.

The company sold 43,068 utility vehicles in India in January, accounting entirely for passenger vehicle sales for the month. In the year-ago period, the company had sold 32,915 utility vehicles and 125 cars and vans.

On the commercial vehicle front, the automaker sold 23,481 units in India in January, compared to 21,724 units in the year-ago period. In comparison, its three-wheeler volumes fell 14% on year to 5,649 units.

Compared to the 15% growth in total automotive sales in India in January, the company's exports fell 42% on year to 1,746 units. It dispatched 798 utility vehicles to international markets during the month.

In the farm equipment segment, M&M's sales fell 17% on year to 23,948 tractors on account of a decline in both domestic and international sales. Its India dispatches declined 17% on year to 22,972 units, and exports slumped 25% to 976 units.

In January, "retail momentum slowed down on account of the tapering of agricultural activities," said Hemant Sikka, president of farm equipment sector, Mahindra & Mahindra. "Rabi crop output is expected to be good with prevailing cold conditions helping the key crop of wheat. The government announcement of a good estimate of horticultural production, and continued support to boost the rural economy will aid positive sentiments and support tractor demand in the coming months."

The company reported total tractor sales down 7% at 6,185 units as against 6,649 units on a year-on-year basis.

Domestic tractor sales in January this year were at 5,817 tractors as against 6,235 tractors sold in January 2023. The delay in Rabi sowing and lower water reservoir levels especially in Central and Southern regions, has negatively impacted rural sentiments and affected tractor sales in the current month.

However, with overall improved Rabi sowing and as we move towards harvest season, we anticipate demand momentum to improve in the upcoming months.

Export tractor sales in January 2024 were at 368 compared to 414 tractors sold in January 2023.

Bajaj Auto Ltd's total sales rose 24% year-on-year in January to 356,010 units, while those of two-wheelers were up 27% on-year. The company's commercial vehicles sales rose 6% in January compared with the year-ago period. The Pune-based automaker dispatched 287,935 units in the year-ago period. Domestic sales in January were up 31% on year at 230,043 units, and exports were at 125,967 units compared with 112,725 units in the year-ago period.

Total two-wheeler sales rose 27% on year to 308,248 units. Domestic two-wheeler sales rose 36% on year to 193,350 units, and exports rose 14% to 114,898 units. Bajaj Auto dispatched a total of 47,762 commercial vehicles in January, up 6% on year. Domestic commercial vehicle sales rose to 36,693 units from 32,842 units, but exports declined 8% to 11,069 units.