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By VarunVyas Hebbalalu
BENGALURU (Reuters) - (This April 1 story has been corrected to say that the auto sector contributes around 7% to India's economy and drops incorrect reference that it carries more than 50% weightage in calculating the country's economic growth in paragraph 3) Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March, wrapping up fiscal 2024 at record levels, monthly data from the automakers showed on Monday.
Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers.
WHY IT'S IMPORTANT
The sales numbers are seen as a key indicator of private consumption in India. The auto sector contributes around 7% to India's economy.
CONTEXT
A surge in domestic sales of pricier sport utility vehicles (SUVs) last year has extended into 2024. Utility vehicles accounted for nearly 60% of total passenger vehicle sales from April 2023 to February 2024, according to industry data.
Entry-level car sales floundered last year. In a bid to increase demand, automakers have banked on higher discounts in the segment.
Meanwhile, product launches and improved rural demand for entry-level models have helped bolster two-wheeler sales, while the high-end segment has seen fierce competition.
BY THE NUMBERS
Manufacturer Total March Sales Y/Y change in Total FY24 Sales Y/Y change in
(units) March (%) (units) FY24 (%)
Mahindra & 68,413 3.5 824,939* 18.1
Mahindra Auto
Mahindra & 26,024 -25.7 378,386 -7.1
Mahindra Farm
Equipment
Hyundai Motor 65,601 6.7 777,876* 8.0
India
Tata Motors 92,559 1.7 969,340* 1.5
Maruti Suzuki 187,196 10.1 2,135,323* 8.6
Toyota Kirloskar 24.8 48.3
Motor 27,180 263,512*
4.6 9.3
Eicher Motors 75,551 912,732*
Motorcycles
Hero -5.6 5.5
MotoCorp 490,415 5,621,455
TVS Motor 11.8 13.8
354,592 ~4,191,000*
Eicher Motors -5.6 7.5
Trucks and Buses 11,242 85,560
* Record high sales
(Reporting by Varun Hebbalalu in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva)