The auto industry saw a domestic tally of over 4.11 million units for the first time in history in the 2023 calendar year
On the back of a tremendous festive season, economic resurgence and semiconductor supply improvements, the Indian passenger vehicle industry saw a domestic tally of over 4.11 million units for the first time in history in the 2023 calendar year. The auto sector posted a massive YoY growth of 8.3 per cent as 3.79 million cars were sold in the January to December 2022 period.
Maruti Suzuki led the way unsurprisingly with over two million units last CY and it also endured its highest-ever export tally of 2,69,046 units in the same period. However, the Indo-Japanese manufacturer’s sales in December 2023 fell by 5.86 per cent. Hyundai and Tata recorded their highest yearly sales in 2023 as well and were amongst the major contributors other than Maruti Suzuki.
Hyundai, in particular, posted a total of 7,65,786 units in CY 2023 as against 7,00,811 units while Tata Motors registered a cumulative domestic total of 5.53 lakh units. This is the third consecutive year in which Tata recorded its highest volume sales as the good reception for the Nexon compact SUV and Punch micro SUV has played an integral role.
Additionally, Tata also remained as the most sold passenger EV maker in India. Mahindra & Mahindra came in fourth with a total of 3,33,777 units in the last calendar year as against 2,59,858 units during the corresponding period in 2022. In the final month of 2023, Mahindra managed a total of 35,174 units with a YoY volume increase of 24 per cent in India.
Toyota Kirloskar Motor also saw its volumes surge by 46 per cent on a YoY basis as 2,33,346 units were garnered. The arrival of the Innova Hycross, updated Innova Crysta, Urban Cruiser Hyryder and Glanza has led to the Japanese auto major ending the year on a high. In December 2023, Toyota posted 22,867 units with a YoY growth of 119 per cent.
Honda Cars India witnessed a YoY growth of 12 per cent last month as 7,902 units were sold while MG Motor India recorded 56,902 units in the current financial year with a YoY jump of 18 per cent and its volumes grew by 13 per cent in December 2023 as 4,400 units were noted.