Page 10 - Car Sales

TMS Ep394: Car sales in India, BCI's new rule, OMC stocks, G-SIBs

Are car sales moving to the slow lane? How will BCI's new rule change Indian legal landscape? Is it the right time to buy OMC stocks? What are Global Systemically Important Banks? Answers here

Honda Cars reports 15% decline in sales at 6,086 units in February

Honda Cars India on Wednesday reported a 15 per cent year on year dip in sales in the domestic market at 6,086 units in February. The company had sold 7,187 units in the domestic market in February 2022, Honda Cars India Ltd (HCIL) said in a statement. Exports declined to 973 units last month as compared with 2,337 units in the year-ago period, it added. "Our sales performance in the month of Feb'23 has been as per our plan towards seamless transition of our models to new emission norms," Honda Cars India Director Marketing and Sales Yuichi Murata said. The company is currently gearing up for the launch of the new City, he added. "We are confident that it will generate new excitement and appealing options for customers," Murata noted.

In the fast lane: At 335,269 units, car sales create a February record

At the retail level, too, the industry posted 9.6 per cent YoY growth

Maruti Suzuki total wholesales up 5% in February at 172,321 units

Maruti Suzuki India on Wednesday said its total wholesales increased 5 per cent to 1,72,321 units in February. The country's largest carmaker had dispatched 1,64,056 units to its dealers in February 2022. Domestic wholesales rose 11 per cent to 1,55,114 units as compared with 1,40,035 units in February last year, the automaker said in a regulatory filing. Total exports last month however dropped 28 per cent to 17,207 units from 24,021 units in February 2022.

MG Motor India Feb sales fall 7% to 4,193 units, to ramp production

MG Motor India on Wednesday reported 7 per cent drop in retail sales at 4,193 units in February over the same month a year ago. The company had sold total 4,528 units in February 2022. The carmaker said that while booking for the Next-Gen Hector is positive, the supply situation of select variants is impacted. MG Motor India is also focused on ramping up the production of premium SUV MG Gloster to cater to the SUV demand, the company said.

Tesla cuts vehicle prices in bid to boost flagging demand

With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest. The company dropped prices nearly 20% in the United States on some versions of the Model Y SUV, its top seller. That cut will make more versions of the Model Y eligible for a $7,500 U.S. electric vehicle tax credit that will be available through March. It also reduced the base price of the Model 3, its least expensive model, by about 6%. Far from pleasing investors, the sharp price cuts sent Tesla shares sinking about 4% in early trading Friday. Since the start of the year, the stock has plummeted more than 65%. Many investors fear that the sales slowdown will persist and have grown concerned about the erratic behavior of CEO Elon Musk and the distractions caused by his $44 billion purchase of Twitter. Itay Michaeli, an industry analyst at .

Electric vehicles look poised for slower sales growth this year: Report

We expect 13.6 million plug-in passenger vehicle sales in total for this year, with around 75% of those being fully electric

As India's EV market picks up, rich states lead the race in sales

Electrics and hybrids account for 1 per cent and 5.7 per cent share of total car sales, respectively

Jaguar Land Rover reports 5.9% jump in retail sales in Q3, wholesale up 15%

The company owned by Tata Motors said that it reflects gradual improvement in chip supplies

Auto retail sales dip 5% in December after two-month cruising: FADA

The Indian auto industry's domestic PV sales in December 2022 were 276,000 units, 8.3 per cent higher than in December 2021, according to company numbers

Volkswagen group's India sales rise 85% to 101,270 units in 2022

German automotive group Volkswagen's sales in India grew 85.48 per cent to 1,01,270 units in 2022, KODA AUTO Volkswagen India Pvt Ltd said on Wednesday. The group's sales in India stood at 54,598 units in 2021. The strategy of the group, which is present in India through brands SKODA, Volkswagen, Audi, Porsche and Lamborghini, is spearheaded by SKODA AUTO Volkswagen India Pvt (SAVWIPL). "While challenges around the ongoing chip shortage and increasing input costs continued, we successfully re-calibrated, taking action with agility and speed to minimise the impact of these," SAVWIPL Managing Director and CEO Piyush Arora said in a statement. On the strategic importance of India for the VW Group, he said it is an important market for the group's global expansion plans. "There is a story of sustainable progress emerging for the group in India and from India," he said, adding the country is also emerging as a key manufacturing hub for the group. Arora further said,"Exports remain a .

Top Headlines: Record car sales in 2022, 3rd highest GST collection in Dec

Business Standard brings you the top headlines at this hour

Top Headlines: Record car sales in 2022, 3rd highest GST collection in Dec

Business Standard brings you the top headlines at this hour

Hyundai Motor India sales rise 18.2% to 57,852 units in December 2022

Hyundai Motor India Ltd on Sunday reported an 18.2 per cent increase in total sales at 57,852 units in December 2022. The company had sold 48,933 units in the same month in 2021, Hyundai Motor India Ltd (HMIL) said in a statement. Domestic sales grew by 20.2 per cent last month at 38,831 units as compared to 32,312 units in the year-ago month. Exports also increased by 14.4 per cent at 19,021 units as against 16,621 units in December 2021, the company added. For the calendar year 2022, HMIL said it recorded its highest-ever domestic sales at 5,52,511 units with a growth of 9.4 per cent over 5,05,033 units posted in 2021. Cumulative sales in 2022 stood at 7,00,811 units as against 6,35,413 units in 2021, a growth of 10.3 per cent. Exports grew by 13.7 per cent last year at 1,48,300 units as compared to 1,30,380 units in 2021, it added. HMIL Director (Sales, Marketing & Service) Tarun Garg a strong product portfolio aligned with consumer trends has led to HMIL recording its ...

MG Motor India retail sales rise 53% to 3,899 units in December 2022

MG Motor India on Sunday reported a 53 per cent rise in retail sales at 3,899 units in December 2022. The company had sold 2,550 units in the same month in 2021. The twin challenges of the pandemic and logistical headwinds have had an impact on production, but the coming month could see an improvement across many of these parameters, the company said in a statement. MG Motor said it has continued to foster EV adoption in the country in the form of multiple industry partnerships such as those for charging station installations with JioBP and BPCL. A total of 150 chargers have been installed across the country as part of MG's drive to support the EV infrastructure in India. Sales of the company's ZS EV recorded a growth of over 60 per cent in 2022, it added.

Govt finalises rules for used car market, aims to resolve host of issues

Move to curb rise of fraudulent intermediaries, address disputes over third party damage liabilities

Nov car sales zoom to record high; Maruti, Hyundai post double-digit growth

Tata Motors saw its despatches jump 55 per cent to 46,425 units during the month

Toyota Kirloskar Motor reports 10% decline in sales in Nov to 11,765

Toyota Kirloskar Motor (TKM) on Thursday said its wholesales declined by 10 per cent to 11,765 units in November 2022. The company had sold 13,003 units in the domestic market in the year-ago period. TKM has discontinued compact SUV Urban Cruiser and also paused bookings for diesel version of Innova which impacted its overall dispatches last month, a company statement said.

Used car retailer Carvana lays off 8% workforce as interest rates rise

The layoffs add to an increasing number of tech-related job cuts in the face of rising interest rates, persistent inflation, and economic downturn fears

Hatchback sales lose momentum in India due to changing consumer preference

Hatchbacks like WagonR and Alto have seen a decline during the past few years due to changing consumer preference