Domestic Passenger Vehicles have been on the decline, and January has turned out to be no different as private vehicles sales cumulatively dropped 1.87 percent year on year. As dealers continue to use unsold inventory from the dull festive season according to the latest sales reports by SIAM India. As per data released by the Society of Indian Automobile Manufacturers (SIAM) Friday, PV sales in January stood at 2,80,125 units last month as against 2,85,467 units in the same month last year.
In terms of just passenger car sales, the decline has been even sharper than usual with a 2.65 per cent decrease to 1,79,389 units as compared to 1,84,264 units in January 2018. "Stock correction by manufacturers continued in January to cut inventory that was piled up during the festive period, which saw sluggish sales," SIAM Deputy Director General Sugato Sen told PTI. He, however, said the retail sale was better than wholesale in January, and the industry expects demand to grow in the remaining two months of the fiscal.
Maruti Suzuki, who is the market leader and is rarely affected by these market corrections noted a marginal growth of 0.18 per cent in its PV sales at 1,39,440 units. Rival Hyundai Motor India Ltd (HMIL) also posted 0.65 growth at 45,803 units. Concurrently, Utility Vehicle specialist Mahindra & Mahindra also saw 0.88 per cent rise in its PV sales at 23,864 units last month. While they are all technically still growing, the lack of quantum of growth is what is appalling.
In fact, in just the passenger car segment Maruti Suzuki India sold a total of t 1,01,865 units, down 4.12 per cent. Similarly, Hyundai India also had rather shoddy sales results with 35,439 units sold last month down by 1.58 per cent. Honda Cars India, however, saw its car sales grow 51.67 per cent to 14,383 units. In the two-wheeler segment, SIAM said total sales in January were down 5.18 per cent to 15,97,572 units compared to 16,84,761 units in the year-ago month.
Two Wheeler Sales too, ere affected in the process with cumulative sales down 2.55 per cent to 10,27,810 units as against 10,54,757 units in the same month a year ago. Market leader Hero MotoCorp's bike sales last month was down 4.95 per cent at 5,16,451 units. Rival Bajaj Auto, however, posted growth of 24.67 per cent at 2,03,358 units last month. Honda Motorcycle and Scooter India's bike sales stood at 1,28,525 units, down 24.19 per cent.
Scooter sales too were down last month after sales declined by 10.21 per cent at 4,97,169 units as against 5,53,695 units in January last year, SIAM said. Market leader HMSI's scooter sales were at 2,72,170 units, down 14.77 per cent. Chennai-based TVS Motor Co also saw its scooter sales dip by 0.41 per cent at 83,794 units. Suzuki Motorycle India, however, witnessed a 60.28 per cent jump in it scooter sales at 61,348 units last month.
With Inputs from PTI