Luxury car sales could breach 50,000 units mark for first time ever in 2024: Audi India head

India's passenger car market is slated to expand 10% YoY in the first half of 2023, making it the third consecutive six-month period in which sales are estimated to climb in double digits. Domestic car sales expanded 16% in the first half of Calendar Year 2022 and 30% in the second half.

After a historic 27% growth in FY23 with 3.9 million units sold, passenger vehicle (PV) sales in India are expected to grow at a moderated pace of 6-8% in FY24, according to an Olx Crisil Mobility report. Over the long term (5-year period), a healthy growth rate of 5-7% CAGR is projected. India's PV sales continue to advance at a brisk pace. For the third straight year, most other markets, which have seen sales inch up year on year, are still struggling to reach the pre-pandemic levels.

The country's largest carmaker Maruti Suzuki India reported its highest wholesales to date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22.

Fueled by robust demand, India's automotive retail sales hit a record during the festive season, with overall sales surging 19% YoY. Passenger vehicle retail sales increased by 10%. Inventory levels for passenger vehicles remain a concern. Two-wheeler registrations rose 21% while three-wheeler registrations saw a 41% increase. Tractor sales experienced a slight decline.

The e-three-wheeler sales volumes surged 65.23 per cent year-on-year to 5,82,793 units from 3,52,710 units sold in 2022. E-commercial vehicles sales rose 114.16 per cent year-on-year to 5,673 units in 2023 compared to 2,649 vehicles in the preceding year.

Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023. Passenger vehicle sales in

For the 2022-23 fiscal, Toyota Kirloskar Motor reported a 41 per cent increase in wholesales at 1,74,015 units from 1,23,770 units in 2021-22 fiscal.

India Business News: NEW DELHI: Luxury carmaker Audi India on Wednesday said its sales witnessed over twofold jump at 1,950 units in the January-March quarter this year as.

Hyundai Motor India on Friday said its wholesales increased by 15 per cent year-on-year to 71,435 units in August. The automaker had dispatched 62,210 units to its dealers in August last year. Domestic sales rose 9 per cent to 53,830 units last month, from 49, 510 units in the year-ago period, the South Korean automaker said in a statement.

The ongoing festive season has resulted in strong sales momentum, helping the automaker achieve 9 per cent growth, he added. Our strong SUV portfolio has received a further boost with the exceptional customer response to the newly launched Exter, Garg said.