According to industry estimates, about 335,354 cars, sedans and utility vehicles were dispatched from factories to dealerships last month, an increase of 3.9% over 322,600 units sold in the same period last year. Industry numbers were supported by market leaders Maruti Suzuki and Hyundai Motor India which reported a growth of 1.3% (134,158 units) and 3.1% (49,451 units), respectively last month.
Domestic tractor sales slip 4% in October, exports hit 3-year low thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Auto Industry Sales October 2023: Strong rural demand, new product launches and unfettered production boosted the dispatches to a great extent. As the final phase of the 2023 festive season is drawing to a close with Dhanteras and Diwali falling in the first fortnight of November, OEMs are pushing the inventory in anticipation of a strong demand and record-high festive season sales. This may make October as the last month of strong wholesales with OEMs set to re-align their inventories after the festive season.
Tractor sales in India, a barometer for the rural economy, have declined for the second consecutive month, mainly due to irregular rainfall, a high base effect, and a delayed festive season. Manufacturers anticipate a sales rebound in November with the onset of Diwali. Despite the recent drop, tractor sales had seen continuous growth in recent years, reaching a record 944,000 units in FY23, a 12% YoY increase.
Mahindra & Mahindra's shares up on October's auto sales - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.