Steady demand pushes domestic PV sales up 17.4% in Jan despite price hikes

The auto industry sold 346,000 units this January, compared to 295,000 a year ago

Domestic passenger vehicle (PV) sales jumped by 17.4 per cent year on year (YoY) to about 346,000 units in January, as demand remained steady despite price hikes by several automobile firms.

In January 2022, about 295,000 PVs were sold in the country. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Ltd, said, “The industry began with a low network stock (dealership stock) because of high retails in December, and this depleted inventory pipeline was filled with higher wholesales for the month."

The depleted inventory resulted in slightly muted retail sales, taking the network stock up to 184,000 units, he added.

"On the demand side, the enquiries and bookings have been steady despite price hikes by several OEMs (automobile companies). Constraints of production continue due to the semiconductor supply situation, which caused some loss in wholesales as well as retail. This issue is expected to continue for a few more months," he said.

India's largest carmaker said it sold 147,348 PV units in India in January, up 14.3 per cent YoY.

Hyundai's sales in January stood at 50,106 units, up 13.8 per cent YoY. Tarun Garg, Chief Operating Officer, Hyundai Motor India, said, “We have begun CY2023 on a high note, recording double-digit growth in January," he added.

"The recent launch of the globally acclaimed Hyundai IONIQ 5 has generated high customer excitement and registered excellent booking numbers, fortifying our commitment towards bringing benchmark electric vehicles for the Indian market," Garg noted.

Kia, which had sold 19,319 vehicles last January, saw its unit sales jump to 28,634 vehicles this January. Hardeep Singh Brar, National Head, Sales & Marketing, Kia India, said, "After closing CY2022 on a record high, we have witnessed an encouraging start to CY2023 with sales of 28,634 units in January."

"It reflects a strong demand for our products...We exhibited our technology and design prowess at the recently concluded Auto Expo by showcasing the Kia Concept EV9 and the KA4. We also plan to introduce PBVs (purpose built vehicles) this year to offer a hassle-free and varied mobility experience for special services in India," he added.

Domestic PV sales at Tata Motors jumped from 40,777 units in January 2022 to 47,987 units in 2023.