DOMESTIC ELECTRIC PASSENGER VEHICLE SALES
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Mid-sized cities to emerge as big demand centre for EVs: Report
Lucknow, Thiruvananthapuram, and Gurugram shine in electric car sales growth. Tier 2 cities emerge as pivotal for electric two-wheeler market. Financial support crucial for tier 3 cities' EV growth. Bengaluru and Jaipur lead in EV adoption. Wealthier cities drive electric vehicle growth, while private uptake fuels tier 2 cities' demand.
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
Tata Motors' passenger EV sales dropped 34 pc in June
Tata Motors experiences sales decline in passenger vehicles, including EVs, in June. Despite challenges, the company foresees a recovery in demand, especially with the upcoming festive season. Tata Motors stands ready to capitalize on growth opportunities, driven by a strong SUV portfolio and expanding presence in the international market.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Tata Motors domestic sales dip 8 pc in June
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, with passenger vehicle sales at 43,624 units. The company anticipates a demand recovery with a strong enquiry pipeline and the upcoming festive season in August. Focus remains on the SUV portfolio, especially Punch and Nexon models, as the industry prepares for growth.
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Maruti Suzuki sales rise 12 pc to 1,79,228 units in June
Maruti Suzuki India reported a 12% increase in total wholesales for June, reaching 1,79,228 units compared to 1,59,418 units last year. Domestic passenger vehicle sales rose by 3% to 1,37,160 units. Export sales surged to 31,033 units from 19,770 units, while mini-segment car sales declined.
Mahindra sales rise 11 pc to 69,397 units in June
Mahindra & Mahindra reported an 11 percent increase in wholesales year on year for June, totaling 69,397 units. The company's total dispatches to dealers reached 62,429 units in June 2023.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Capture the theme at the right time: Is investment in EV a good long-term bet?
The rise in EVs can be attributed to two main factors, first, a substantial global push by governments to achieve net zero emissions through various policy measures; and second, a nearly 90% decrease in battery costs over the past ten years, which has made EVs more affordable and, as a result, brought them closer to cost parity with internal combustion engines (ICE)
Expect Indian PV market to touch 60 lakh units by 2030, targeting 18-20 pc share: Tata Motors
Tata Motors targets significant market share growth by FY30, focusing on EVs, CNG vehicles, and new product offerings. The company strategically prepares for upcoming CAFE III norms and aims to capitalize on industry transitions for sustainable growth.
Passenger vehicle sales to see 3-5 pc growth this fiscal: Report
Passenger vehicle sales are expected to grow moderately at 3-5% in the current financial year due to a high-base effect of FY24, shrinking order book, and subdued demand for entry-level variants. Electric car sales in the PV segment may reach 1.30-1.50 lakh units in FY25, driven by improving penetration rates. Utility vehicles have seen significant growth, benefiting from lower interest rates and increased demand for personal mobility post-pandemic.
Domestic passenger vehicle sales up 4% in May at 3,47,492 units: SIAM
India's passenger vehicle wholesales increased by 4% YoY to 3,47,492 units in May, according to SIAM. The overall dispatches from companies to dealers reached 3,34,537 units. Two-wheeler sales rose 10% to 16,20,084 units, while three-wheeler dispatches rose 15% to 55,763 units.
Passenger vehicle wholesales in slow lane in May due to high base effect, elections
Passenger vehicle wholesales in India grew marginally in May due to the high base effect and muted demand during the general elections. Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Toyota Kirloskar Motor, Kia India, and MG Motor India all reported varying levels of growth.
Tata Motors sales up 2 pc at 76,766 units in May
Tata Motors reported a 2% increase in total wholesales for May, with 76,766 units compared to 74,973 units last year. Domestic sales also grew by 2%, reaching 75,173 units. Passenger vehicle sales, including electric vehicles, rose to 47,075 units from 45,984 units, while commercial vehicle sales increased to 29,691 units from 28,989 units.
Maruti Suzuki sales drop 2 pc to 1.75 lakh units in May
Maruti Suzuki India reported a 2% year-on-year decline in total wholesales to 1,74,551 units in May 2024, down from 1,78,083 units last year. Domestic passenger vehicle sales rose slightly to 1,44,002 units. Sales of mini and compact cars decreased, while utility vehicle sales increased. Exports fell to 17,367 units from 26,477 units.
Mahindra sales rise 17 pc in May at 71,682 units
Mahindra & Mahindra witnessed a 17% year-on-year increase in total wholesales, reaching 71,682 units in May. Domestic passenger vehicle sales surged 31% to 43,218 units, while exports rose 2% to 2,671 units. The Farm Equipment Sector reported a 9% rise in total tractor sales, attributing the growth to timely monsoons and favorable agricultural sentiments.
Hybrids catching up fast with EVs; Maruti, Toyota driving growth
Sales of hybrid transmission cars and SUVs are rapidly increasing, challenging electric vehicles in market share. Maruti Suzuki and Toyota offer popular models in this segment, with hybrid vehicles capturing 2.48% of the passenger vehicle market in Q1 2024.
India leads in electric vehicle sales amid global slowdown
Global electric vehicle sales growth faces challenges like capital costs and election uncertainty. US EV sales outpaced Europe, where EV sales declined due to Easter holidays. Germany saw a 29% drop in EV sales, while India's EV market share doubled to 4% in 2023.
Pre-owned car market expected to touch 1.09 cr units by FY28: Report
India's pre-owned car market, as per the Indian Blue Book report, is expected to expand to 1.09 crore units valued at USD 73 billion by FY28, with budget buyers predominantly seeking quality cars for upgrading to a new pre-owned vehicle.
Slowing EV sales are upending banker climate strategies
The global electric vehicle market faces challenges as China leads in EV development, impacting sales in Europe and US. Policy interventions are expected due to China's dominance and US tariff increases on Chinese imports.
Govt to come out with detailed guidelines for investment under EV policy
The government, through the Ministry of Heavy Industries, is creating detailed guidelines for companies seeking investments under the electric-vehicle policy. The guidelines will cover duty concessions, setting up manufacturing units, and incentives for auto firms applying under the policy.
TVS Motor Co expects 25-30% of 2-wheeler sales to come from EVs: MD Sudarshan Venu
TVS Motor Company is expecting electric vehicles (EVs) to account for 25-30% of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company plans to invest Rs 5,000 crore in the design, development, and deployment of future technologies, products, and digital capabilities. In FY24, EV sales grew by 101 per cent, reaching 1.94 lakh units. TVS plans to introduce another electric scooter this year, and its EV presence will be across both scooters and motorcycle segments.
Mahindra sales up 13% in April at 70,471 units
Mahindra & Mahindra reported a 13% increase in total wholesales to 70,471 units in April 2023, with total dispatches to dealers at 62,294 units. Domestic passenger vehicle sales rose 18% to 41,008 units, while exports increased by 2% to 1,857 units. Tractor sales also rose by 2% to 37,039 units. The company's President, Farm Equipment Sector, attributed the growth to government wheat procurement and above-normal monsoon rains.
Maruti bets on new-gen models to race past industry growth
Maruti Suzuki India is aiming to sell about 2 million vehicles in the current fiscal, an 8.1% increase, outpacing the domestic industry. The company is betting on the launch of new models to drive growth, targeting a 10% rise in production. Maruti also plans to step up exports significantly and invest ₹1.25 lakh crore by 2030 to double output. The company's aggressive strategy aims to regain market share lost to rivals in recent years.
India's passenger EV market will hot up in next 3-4 years; Tesla, Maruti may shake up Tata's dominance
This EV surge in EV sales can be can be attributed to factors like, government incentive schemes like PLIs, infrastructure development like more EV charging points, increasing urban consumer interest, and government push to meet green target.
Expect PV sales to spike after Lok Sabha elections: Manish Raj Singhania, FADA
Manish Raj Singhania forecasts a post-election spike in PV retails similar to what was seen during the Vidhan Sabha elections. Factors like financial stability, excitement over SUVs, the falling EV prices, good road infrastructure, as well as tge elections impact on vehicle demand will continue to drive sales, says the FADA president.
Tata Motors total domestic sales rise to 90,822 units in March
Tata Motors reported a 2% increase in total domestic wholesales in March, reaching 90,822 units. Passenger vehicle sales surged by 14%, with commercial vehicle dispatches declining by 10%. For the fiscal year ending March 31, 2024, total domestic wholesales rose by 2%, marking the third consecutive year of record sales.
Domestic passenger vehicle sales rise 11 pc in February: SIAM
In February, passenger vehicle wholesales in India increased by 11% year-on-year, with total dispatches reaching 3,70,786 units. Sports utility vehicles continued to drive demand, contributing to the highest-ever February sales for passenger vehicles. Two-wheeler sales rose 35% to 15,20,761 units, while three-wheeler dispatches increased to 54,584 units.
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