Maruti Suzuki, Hyundai, Tata, Mahindra, Toyota sales February 2023

Toyota has witnessed 75 percent YoY growth for the second consecutive month.

India’s passenger vehicle growth story has continued its march in February 2023. At 3,17,905 units, which constitute the wholesale numbers released by eight carmakers (see data table below), the industry has driven past the 3,00,000-unit mark for the eighth month in the first 11 months of the ongoing fiscal year (April 2022 to March 2023).

February 2023 Passenger Car Sales
February 2023 February 2022 Change Growth
Maruti Suzuki 1,47,467 1,33,948 13,519 10%
Hyundai 47,001 44,050 2,951 7%
Tata Motors 42,862 39,981 2,881 7%
Mahindra 30,358 27,663 2,695 10%
Kia 24,600 18,121 6,479 36%
Toyota 15,338 8,745 6,593 75%
Honda 6,086 7,187 -1,101 -15%
MG 4,193 4,528 -335 -7%
Total 3,17,905 2,84,223 33,682 22%

The festive month of September 2022, with 3,55,043 units, was the best month in the fiscal to date. Other than April, May and December 2022, overall PV sales have been over the 3,20,000-unit mark. This is despite tepid demand for entry-level mass-market hatchbacks, which not so long ago were the growth drivers for the industry. What has powered growth over the past couple of years is the sustained and surging demand for SUVs and considering that every second car sold in India is now a utility vehicle, over 1,60,000 units would comprise UVs, SUV or an MPV.

Here’s taking a closer look at how the seven OEMs fared in February 2023. Not surprisingly, those with a strong UV portfolio and good factory production have seen robust growth.

Maruti Suzuki – 147,467 units/ up 10 percent YoY

Having opened January with sales of 1,47,348 units, Maruti Suzuki has followed it up with 1,47,467 units in February, up 10 percent. The difference between the two months is just 119 units, indicating that demand for its entry-level vehicles is still tepid even as the company makes solid gains on the utility vehicle front.

Nevertheless, February 2023 is the second-best monthly sales performance after festive September 2022’s 1,48,380 units. Its entry-level cars – the Alto and S-Presso – sold 21,875 units, up 11 percent but were down 14 percent on January 2023’s 25,446 units. Demand has perked up following the launch of the S-Presso CNG in October 2022 and the third-generation Alto K10 in November 2022. For the first 11 months, cumulative sales of these two cars are 2,21,329 units, up 13 percent YoY.

Maruti Suzuki sales FY2023
Month FY2023 FY2022 Change Growth
April 2022 1,21,995 1,35,879 -13,884 -10%
May 2022 1,24,474 32,903 91,571 278%
June 2022 1,22,685 1,24,280 -1,595 -1%
July 2022 1,42,850 1,33,732 9,118 7%
August 2022 1,34,166 1,03,187 30,979 30%
September 2022 1,48,380 63,111 85,269 135%
October 2022 1,40,337 1,08,991 31,346 29%
November 2022 1,32,395 1,09,726 22,669 21%
December 2022 1,12,010 1,23,016 -11,006 -9%
January 2023 1,47,348 1,28,924 18,424 14%
February 2023 1,47,467 1,33,948 13,519 10%
Total 14,74,107 11,97,697 2,76,410 23%

Last month, Maruti Suzuki’s six-pack comprising the Baleno, Celerio, Dzire (and Tour S), Ignis, Swift and Wagon R sold a total of 79,898 units, up by 3 percent, and 8.20 percent more than January 2023’s 73,840 units.

Maruti Suzuki, like other OEMs, is riding the continuing wave of demand for SUVs. Its pack of UVs – the new Brezza, Ertiga, XL6 and the new Grand Vitara – sold a total of 33,550 units, up 32 percent. There is strong demand for the new Grand Vitara (which now also has a CNG variant) and the new Brezza. The Maruti Grand Vitara, which has sold over 32,000 units in five months since launch, was recently voted Autocar India’s Car of the Year 2023, which is a strong testament to the product’s standing in India’s competitive SUV market.

Maruti Suzuki, which currently has an order backlog of around 4,05,000 vehicles, has had to contend with a slower rate of production due to supply chain issues. Given the stiff competition, particularly in the booming SUV segment, it will have to ramp up production to capitalise on demand.

Hyundai – 47,001 units/ up 7 percent YoY

While the Chennai-based manufacturer’s domestic market sales of 47,001 units are up 7 percent year-on-year (February 2022: 44,050 units), they are 6 percent lower than January 2023’s 50,106 units. Nevertheless, this has enabled Hyundai to drive past the half-a-million sales milestone in the first 11 months of FY2023. With cumulative sales of 5,16,946 units between April 2022 and February 2023, Hyundai is set to record its best-ever fiscal-year sales in FY2023. 

Hyundai sales FY2023
Month FY 2023 FY 2022 Change Growth
April 2022 44,000 49,002 -5,002 -10%
May 2022 42,293 25,001 17,292 69%
June 2022 49,001 40,496 8,505 21%
July 2022 50,500 48,042 2,458 5%
August 2022 49,510 46,866 2,644 6%
September 2022 49,700 33,087 16,613 50%
October 2022 48,001 37,021 10,980 30%
November 2022 48,003 37,001 11,002 30%
December 2022 38,831 32,312 6,519 20%
January 2023 50,106 44,022 6,084 14%
February 2023 47,001 44,050 2,951 7%
Total 5,16,946 4,36,900 80,046 18%

Tata Motors – 42,862 units/ up 7 percent YoY

A hard-charging Tata Motors, which is close on Hyundai’s heels, is just 5,404 units away from surpassing the 5,00,000-unit sales milestone in FY2023. The carmaker reported sales of 42,862 units in February 2023, up 7 percent (February 2022: 39,981 units). This takes its 11-month cumulative sales to 4,94,596 units, which constitutes 51 percent YoY growth.

Clearly, Tata Motors, which achieved its highest-ever sales for a calendar year in 2022 with 5,26,798 units and 50 percent year-on-year growth, is continuing its accelerated run in 2023 and the monthly average sales of 44,963 units reflect that.

Tata Motors Sales FY 2023
Month FY2023 FY2022 Change Growth
April 2022 41,587 25,095 16,492 66%
May 2022 43,341 15,181 28,160 186%
June 2022 45,197 24,110 21,087 87%
July 2022 47,505 30,185 17,320 57%
August 2022 47,166 28,018 19,148 68%
September 2022 47,654 25,730 21,924 85%
October 2022 45,217 33,925 11,292 33%
November 2022 46,037 29,778 26,259 55%
December 2022 40,043 35,299 4,744 13%
January 2023 47,987 40,777 7,210 18%
February 2023 42,862 39,981 2,881 7%
Total 4,94,596 3,28,079 1,66,517 51%

The company, which retails seven PVs – Altroz, Tigor, Tiago, Nexon, Punch, Harrier and the Safari – has capitalised on surging demand for its SUVs and is also benefitting from the market advantage in EVs where it has a commanding 80 percent share. With the Nexon EV, Tigor EV and Xpres-T (for fleet buyers) and the sub-Rs 10 lakh Tiago EV, the company is driving home the gains. And it has already introduced its BS6 Phase II range of PVs with RDE (Real Driving Emissions) and E20-compliant engines ahead of the new set of emission norms kicking in from April 2023.

Mahindra – 30,358 units/ up 10 percent YoY

Mahindra reported total PV sales of 30,358 units in February 2023, up 10 percent (February 2022: 27,663). This comprises 30,221 UVs, up 10 percent (February 2022: 27,551) and 137 cars, up 22 percent (February 2022: 112).

The numbers, particularly for UVs, would have higher considering production has been somewhat impacted due to disruptions in the supply chain of crash sensors and airbag ECUs due to the unavailability of semiconductors.

Mahindra Sales FY2023
Month FY2023 FY2022 Change Growth
April 2022 22,526 18,285 4,241 23%
May 2022 26,904 8,004 18,900 236%
June 2022 26,880 16,913 9,967 59%
July 2022 28,053 21,046 7,007 33%
August 2022 29,852 15,973 13,879 87%
September 2022 34,508 13,134 21,374 163%
October 2022 32,298 20,130 12,168 60%
November 2022 30,392 19,458 10,934 56%
December 2022 28,445 17,722 10,732 61%
January 2023 33,040 19,964 13,076 65%
February 2023 30,358 27,663 2,695 10%
Total 3,23,256 1,98,292 1,24,964 63%

Despite this, Mahindra, which has 10 products in this segment and a considerable order backlog, is recording strong gains. Cumulative sales for the first 11 months of financial year 2023 are 3,23,256 units, which constitutes a robust 63 percent YoY growth (April 2021-February 2022: 1,98,292). Of this, UVs comprise 3,20,985 units, which is a 64 percent YoY increase over the year-ago 1,96,302 units.

Meanwhile, with one month left for financial year 2023 to close, Mahindra has already clocked its best-ever sales for a fiscal. Its 3,23,256 units are already 68,905 units ahead of the company’s previous best of 2,54,351 units in financial year 2019. 

Kia – 24,600 units/ up 36 percent YoY

With wholesales of 24,600 units in February, up 36 percent (February 2022: 18,121 units), Kia is and maintaining strong growth momentum. Cumulative 11-month sales are 2,47,728 units, up 51 percent YoY (April 2021-February 2022: 1,64,165 units). With one month left for financial year 2023 to close, Kia India has already notched its best-ever fiscal year numbers, having gone ahead of financial year 2023’s 1,86,787 units. 

Kia Sales FY2023
Month FY2023 FY2022 Change Growth
April 2022 19,019 16,111 2,908 18%
May 2022 18,718 11,050 7,668 69%
June 2022 24,024 15,015 9,009 60%
July 2022 22,022 15,016 7,006 47%
August 2022 22,322 16750 5,572 33%
September 2022 25,857 14,441 11,416 79%
October 2022 23,323 16,331 6,992 43%
November 2022 24,025 14,214 9,811 69%
December 2022 15,184 7,797 7,387 95%
January 2023 28,634 19,319 9,315 48%
February 2023 24,600 18,121 6,479 36%
Total 2,47,728 1,64,165 83,563 51%

Interestingly, the Sonet compact SUV is the bestselling Kia product in February with 9,836 units, ahead of the longstanding best-seller the Seltos (8,012 units). This is possibly the first time that the Sonet has outsold its high-selling midsize sibling SUV in the Indian market. 

Meanwhile, the Carens MPV clocked sales of 6,248 units and the Carnival MPV sold 504 units. The Carens MPV is fast turning out to be the new growth driver for Kia India. Launched a year ago, the Carens has sold a total of 76,904 units till end-February 2023 including 64,212 units in the April 2022-February 2023 period.

Toyota – 15,338 units/ up 75 pecent YoY

For Toyota, the 15,338 units in February 2023 are a 75 percent increase over February 2022’s 8,745 units and a 19.50 percent improvement on January 2023’s 12,835 units. Cumulative sales for the first 11 months of financial year 2023 are 1,54,855 units, bettering the year-ago 1,06,632 units by 45 percent. Leading this growth are the recently launched Urban Cruiser Hyryder and the Innova Hycross

Toyota Sales FY2023
Month FY2023 FY2022 Change Growth
April 2022 14,777 9,621 5,156 54%
May 2022 10,151 707 9,444 1336%
June 2022 16,495 8,798 7,697 87%
July 2022 19,691 13,103 6,599 50%
August 2022 14,939 12,769 2,170 17%
September 2022 15,376 9,284 6,092 66%
October 2022 13,068 12,440 628 5%
November 2022 11,765 13,003 -1,238 -10%
December 2022 10,421 10,834 -413 -4%
January 2023 12,834 7,328 5,506 75%
February 2023 15,338 8,745 6,593 75%
Total 1,54,855 1,06,632 48,223 45%

Honda: 6,086 units/ down 15 percent YoY

Honda, which launched the updated City sedan, reported sales of 6,086 units, down 15 percent (February 2022: 7,187 units). Commenting on the market performance, Yuichi Murata, Director, Marketing and Sales, Honda said, “Our sales performance in February 2023 has been as per our plan towards seamless transition of our models to new emission norms. We are currently gearing up for the launch of the New City, and we are confident that it will generate new excitement and appealing options for customers.”

In the first 11 months of financial year 2023, the company has sold a total of 84,726 units, which is a 7 percent YoY increase.

Honda Sales 2023
Month FY2023 FY2022 Change Growth
April 2022 7,874 9,122 -1,248 -14%
May 2022 8,188 2,032 6,156 303%
June 2022 7,834 4,767 3,067 64%
July 2022 6,784 6,055 729 12%
August 2022 7,769 11,177 -3,408 -30%
September 2022 8,714 6,765 1,949 29%
October 2022 9,543 8,108 1,435 18%
November 2022 7,051 5,457 1,594 29%
December 2022 7,062 7,973 -911 -11%
January 2023 7,821 10,427 -2,606 -25%
February 2023 6,806 7,187 -1,101 -15%
Total 84,726 79,070 5,656 7%

MG – 4,193 units/ down 7 percent YoY

MG Motor India’s retail sales of 4,193 units in February 2023 were down 7 percent (February 2022: 4,528 units). Cumulative sales for the first 11 months of financial year 2023 are 42,815 units, up 20 percent YoY (April 2021-February 2022: 35,648 units).

This also means that with one month left for FY2023 to close, MG has already clocked its best-yet sales for a fiscal year, well ahead of FY2022’s 40,369 units, which were a 13.40 percent increase of FY2021’s 35,597 units. In FY2020, the carmaker had sold a total of 21,954 units.

MG Sales FY 2023
Month FY2023 FY2022 Change Growth
April 2022 2,008 2,565 -557 -22%
May 2022 4,008 1,016 2,992 294%
June 2022 4,503 3,558 945 27%
July 2022 4,013 4,225 -212 -5%
August 2022 3,823 4,315 -492 -11%
September 2022 3,808 3,241 567 17%
October 2022 4,367 2,863 1,504 53%
November 2022 4,079 2,481 1,598 64%
December 2022 3,899 2,550 1,349 53%
January 2023 4,114 4,306 -192 -4%
February 2023 4,193 4,528 -335 -7%
Total 42,815 35,648 7,167 20%

According to the company, while bookings for the Next-Gen Hector are positive, the supply situation of select variants remains impacted. It is currently focused on ramping up the production of its premium SUV, the MG Gloster.

The Indian passenger vehicle market is set to expand with around 10 new car and SUVs launches happening soon, starting with the facelifted Honda City today. Not surprisingly, these include seven SUVs – Toyota Innova Crysta Diesel, Maruti Brezza CNG, updated Hyundai Venue, Lexus RX, Maruti Fronx and the updated Tata Safari and Harrier. There will also be one hatchback – Citroen India’s eC3, the all-electric version of the C3, and the next-gen Hyundai Verna. Clearly, plenty of new wheels to keep the PV segment an exciting one in the months ahead.

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