Hyundai Motor India registered a growth of 7.7% in the utility vehicle (UV) segment for the month of March, while clocking a growth of 40.5% in the full year ended March 31, 2020, on the back of models like the Venue and the new Creta, which it clubs in the sports utility vehicle segment. Renault India is the only other company to have registered a growth in the segment. Data from the Society of Indian Automobile Manufacturers (SIAM) shows that the Korean automaker sold 12,487 units in the UV segment versus 11,594 units in the month of March 2019. For the full year, the growth was much more remarkable as it sold 1,76,774 units between April and March 2019-2020 versus 1,25,838 units in the previous financial year.
The company sold more vehicles in the segment compared to its peers. Mahindra and Mahindra (M&M) registered a steep 88% decline on a year-on-year basis in the month of March to 3,111 units, against 25,801 units last year, due to disruption in BS-VI ramp-up owing to discontinuation of supply chain from China. Maruti Suzuki too with 11,904 vehicles sold in March 2020 saw its UV sales more than halve from 25,563 units sold in March 2019. The company launched the XL6 MPV and a petrol variant of the Vitara Brezza in the UV segment in FY20.
Auto sector volumes declined sharply across segments in FY20 led by inventory correction by OEMs, price increase due to BS-VI transition amid a weak economic scenario and the impact of the coronavirus pandemic during March 2020, according to analysts at Kotak Institutional Equities. Domestic sales of Indian automobile makers took a hit of nearly 45% on a year-on-year basis, which is one of the sharpest monthly declines seen by the industry, SIAM had said on Monday.
In what has been one of the most challenging years for Indian automobile industry, domestic sales for the full year of April-March 2020 declined almost 18%.
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