How car majors achieved double digit growth in FY23
Delhi : Maruti Suzuki India Ltd. and Hyundai Motor India Ltd., the two market leaders, continue to hold the top two spots in the market, with the former selling 1,966,164 units and the latter 720,565 units in the most recent fiscal year.
Maruti Suzuki claims that in the most recent fiscal year, it sold 1,966,164 units, up from the 1,652,653 units (domestic 1,365,370 units, 48,907 units, and exports 238,376 units) sold in the preceding fiscal year.
According to Maruti Suzuki, the lack of electronic components had some effect on the manufacture of automobiles in FY 2022–2023 but every effort was made to lessen the effect.
On the other side, Hyundai Motor reported sales of 720,565 units last year, up from 610,760 units (domestic 567,546 units, exports 153,019 units) (domestic 481,500 units, exports 129,260 units).
Kia India, a member of the Hyundai Motor group, sold 269,229 vehicles during the previous fiscal year, of which 85,754 were exported.
In contrast to the 370,372 units sold in FY22, Tata Motors sold 538,640 units (including electric vehicles) during the most recent fiscal year.
Tata Motors reached the critical milestone of 50,000 electrified vehicles during the year under review.
Also, with 15,960 EV sales in the fourth quarter of FY23 and 6,509 in March of that same year, we had our largest quarterly and monthly EV sales ever. EV penetration in our portfolio increased from about 7% (Q1FY23) to nearly 12% (Q4FY23), representing a steady increase.
Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.'s managing director, Shailesh Chandra, stated: "In India, sales of passenger vehicles reached a new high in FY23. The early-year COVID-related pent-up demand, the introduction of multiple new cars, and the alleviation of the semiconductor shortage all contributed to the industry's sharp development. While EVs (electric vehicles) and SUVs (sport utility vehicles) dominated this growth, buyers' growing preference for secure automobiles and cutting-edge technology features was equally noticeable."
174,015 vehicles were sold by the Indo-Japanese joint venture Toyota Kirloskar Motor Pvt Ltd at the end of the previous fiscal year, representing a rise of 41%. The company said that it sold 174,015 units in the most recent fiscal year, up from 123,770 units in FY22.
Toyota Kirloskar reports that it sold 18,670 units last month, up from 17,131 units in March 2022.
According to Atul Sood, vice president of sales and strategic marketing, "the passenger vehicles segment showed a steady growth last year, and TKM (Toyota Kirloskar Motor) was prepared to ride the wave by making deeper inroads into the market to suit the diversified mobility needs."
