September 2022 is approaching fast, and a car buying frenzy comes with it. According to industry analysts, the reason for this surge is higher semiconductor supply. The start of the holiday season and a lower base effect than last year.
Car sales in India grew in September as car companies continued to dispatch their dealers for the festive season. That is an excellent economic report and suggests that consumers are confident about spending on big-ticket items. Industry analysts are optimistic that automakers will see an increase in shipments this year due to several factors. It includes a higher supply of semiconductors, the start of the holiday season, and a lower base effect than last year.
In September 2022, MSIL saw a 135.10% growth in the domestic passenger vehicle (PV) segment to 148,380 units sold, compared to 63,111 units in the same month last year. In the same month, sales of its utility vehicles stood at 45,271 units, 72.11% more than the 26,303 units sold a year ago.
In September, we sold 176,306 units, including 150,885 domestically, 4,018 units to other OEMs, and 21,403 units in exports.
“We faced a smallish deficit in electronic features, but we quickly resolved the problem by performing with our suppliers. The company did everything possible to reduce the impact as much as possible,” MSIL said.
Last month, Hyundai Motor India Ltd reported an impressive 63,201 cumulative sales units, overall growth of 38% from the 45,791 units sold last year. In the domestic market alone, 49,700 units in September 2022 – up 50.2% from the previous year’s time. Exports also increased by 6.3%, rising to 13,501 units from 12,704.
Upon seeing the numbers, Tarun Garg, director of sales, marketing, and service for Hyundai Motor India Ltd. It stated: “The Indian economy has indicated excellent stability in recent quarters. The festive season has given an additional demand boost.” He added that Creta continues to book more sales in the midsize SUV space, with a 36 percent growth in bookings for September compared to last year.
Tata Motors continued its growth momentum in September 2022, with its passenger vehicle business posting 85 percent year-over-year sales growth. The domestic automaker sold 47,654 units last month, up from 25,730 units in September 2021.
While sales of internal combustion engine (ICE) vehicles grew 78 percent to 43,999 units, electric vehicle (EV) sales grew 239 percent to 3,655 units in September 2022 from 1,078 units a year ago.
Shailesh Chandra, Managing Director (MD) of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd. They said: “The PV industry performed well during the second quarter of fiscal 2013 thanks to the festive season and new product launches. We envision this momentum to continue in the coming quarters.”
Tata Motors hit a new peak in passenger vehicle sales, with 142,325 units sold during the quarter. That marks nearly a 70 percent growth from the second quarter of fiscal 2022. Attributing this impressive feat to our innovative and reliable products that resonate with our customers.
Kia India had its highest monthly domestic PV sales in September 2022, with 25,857 units sold. That is a 79 percent increase from the previous year. The company had sold just 14,441 units in India in September when the COVID-19 pandemic was hitting the domestic auto industry.