Cut to the small car segment. Sales of Maruti Suzuki Alto, which once dominated sales charts across segments, halved year on year in the quarter ended September at about 24,000 units. Overall, sales of small cars (vehicles with length less than 3.6 metres) — already on the decline – crashed by 55% last quarter whereas sales of BMW X1 (which also comes in diesel and petrol options) grew 56% on year.
BMW reports higher revenues of 74 billion euros for H1 2023, driven by integration of Chinese joint venture BMW Brilliance Automotive, increased sales, and pricing. EBIT rose 42.6% to 9.7 billion euros, but net profit fell to 6.6 billion euros due to BBA integration. R&D spending up 15.4%, focused on electrification and automated driving.
Luxury Car Sales in June 2023: In the highly competitive luxury car market of India, the month of June 2023 witnessed an intense battle among leading automobile manufacturers. Mercedes Benz, BMW, Audi, and Porsche vied for dominance, each striving to capture a larger share of the lucrative Indian luxury car segment., Car News News, Times Now
Those analysing trends in the market and economists suggest that this may be an indicator of the widening inequality that has marked the post-pandemic recovery process.
According to ICRA, the market contracted by almost 50 per cent over CY2019-CY2020 from annual volumes of about 39,640 in CY2018 to about 19,439 in CY2020. Last year, the industry crossed around 30,000 units.