Diwali, as we said yesterday, has come early for the Indian automobile industry and, more specifically, for passenger vehicle manufacturers.
Three months ago, in July 2017, the PV industry sold a total of 298,997 units (+15.12%), just 1,003 units short of the 300,000 sales landmark. It became the new benchmark in monthly sales for the domestic market, beating the 282,519 units sold in the fiscal-closing month of March 2017.
Now, September 2017 PV sales have gone past July numbers to notch a new high – 309,955 units (+9.16%), creating a strong foundation for industry to drive towards recording the highest-ever sales in a fiscal year. FY2017’s PV sales of 3,046,727 units (+9.23%) have been the best yet for a fiscal and firmly point India towards becoming the third largest global market by the year 2020. It is currently in fifth position.
Driving PV growth, not surprisingly, is Maruti Suzuki India which sold 150,521 units (+9.65%) or 48.56 percent of total sales in September 2017. No. 2 player, Hyundai Motor India with 50,028 units (+17.42%) accounts for 16.14 percent, while Mahindra & Mahindra with 25,327 (+23.32%) and Tata Motors with 19,334 units (+18.24%) account for 8.17 percent and 6.23 percent respectively.
At half-year stage, with a total of 1,630,945 units sold (9.16%), the PV industry is cruising along and seems set to cross the three-million sales landmark with ease.