India's automobile companies released their sales data for November 2022.
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As a result of better semiconductor availability, India's top 10 passenger vehicle makers shipped 310,807 units last month, up 31.7 percent year-on-year (YoY). Moreover, it was the sixth month in a row that domestic car sales exceeded 300,000 units.
With 374,000 bookings, Maruti Suzuki remains the leading brand, followed by Mahindra & Mahindra with over 200,000 units and Tata Motors with about 150,000.
Toyota and Nissan Motor saw their sales decline 9.4 percent and 9.5 percent, respectively, but most other companies including Kia India, Honda Cars, MG Motor, and Skoda Auto saw double-digit growth in November.
Two-wheeler sales at TVS Motor Co rose marginally to 263,642 units, while rival Bajaj's dropped 22.6 percent to 262,120. With 70,766 units sold, Eicher, which sells Royal Enfield motorcycles, saw a 37 percent increase in sales.
Basudeb Banerjee, Analyst at ICICI Securities told CNBC-TV18 that wholesale sales of two wheeler vehicles will start seeing some pick up from January.
“Wholesale numbers which are undergoing inventory destocking and are not reflecting the right picture. So now it's almost four weeks after the value one cannot say that delay in registration trickling into retail numbers. Definitely it is strong retail which is happening even now. So this momentum continues. My sense is from January itself wholesale will start roaring in for two-wheelers also. Where December anyways is seasonally not that a great month for wholesales,” he added.
Below are updates from some of the major carmakers in India:
Hero MotoCorp Ltd.'s total sales rose 12 percent to 3.9 lakh units from 3.49 lakh units in the corresponding period a year ago.
Exports fell 46 percent to 11,093 units. Motorcycle sales rose 7.2 percent to 3.53 lakh units. and scooter sales nearly doubled to 38,098 units.
Eicher Motors (Royal Enfield)
Total sales of Eicher Motors' Royal Enfield stood at 70,766 units increasing 37 percent from selling 51,654 units in the corresponding period a year ago.
Mahindra & Mahindra
Mahindra & Mahindra reported a 56 percent growth in passenger vehicle sales for the month of November. Three-wheeler sales doubled compared to the same month last year.
Exports remained flat year-on-year.
Tractors presented a mixed picture for the month of November, with overall sales growing 10 percent. Exports were down 15 percent compared to last year. The management said that the demand continued to remain strong in the post festival period on account of brisk rabi crop sowing.
Maruti Suzuki India
Maruti Suzuki India reported a 14.4 percent jump in overall sales for the month of November. However, the figure of 1.59 lakh units was lower than the CNBC-TV18 poll of 1.68 lakh units.
Exports saw a drop compared to the same month last year.
The company said that the shortage of electronic components had a minor impact on vehicle production, mainly in the domestic models and that the company took all possible measures to minimise the impact.
Tata Motors registered total sales of 75,478 units in November 2022 growing 21 percent from the corresponding period a year ago.
The automakers domestic sales for November 2022, grew 27 percent. Total sales for Electric Vehicle increased 146 percent from the corresponding period a year ago and stood at 4,451 units.
TVS Motor total sales for November 2022 stood at 2.77 lakh units. The 2W sales went up 2 percent and came at 2.63 lakh units as compared to 2.57 lakh units in the corresponding period a year ago.
EV sales see a 13-fold rise at 10,056 units as compared to 699 units in the corresponding period a year ago.
Bajaj Auto's total sales for November 2022 declined 19.3 percent from the corresponding period a year ago. Owing to a sharp decline in exports.
The company reported a decline of 30 percent in total exports. On a monthly basis the automakers total sales have declined 22 percent from 3.95 lakh units sold in October 2022. This month Bajaj Auto not only saw a decline in exports but the domestic sales also declined standing at 1.52 lakh units, declining 4 percent on a yearly basis and 36 percent on a month-on-month basis.
Last month, Rakesh Sharma, Executive Director, Bajaj Auto told CNBC-TV18 that it will take a couple of quarters before normalcy returns in export markets.
Escorts Kubota reported a total tractor sales of 7,960 units in the month of November, the sales grew 12 percent from 7,116 units in the corresponding period a year ago.
On a month-on-month basis the sales have declined over 45 percent.
Ashok Leyland's total sales for November 2022 increased by 39 percent and stood at 14,561 units as compared to 10,480 units in the corresponding period a year ago.
Domestic sales saw a 45.8 percent increase as the company sold 13,654 units in November 2022.
Total sales for Medium and Heavy Commercial Vehicles (M&HCV) stood at 9474 units a growth of 69 percent from 5,608 units being sold in November 2021.
Sales of M&HCV bus saw a sharp rise of 76 percent as Ashok Leyland sold 1663 units in August 2022.
(This is a live updates copy will be updated with more details)