Auto majors post muted passenger vehicle sales growth last fiscalhttps://indianexpress.com/article/business/auto-majors-post-muted-passenger-vehicle-sales-growth-last-fiscal-5653649/

Auto majors post muted passenger vehicle sales growth last fiscal

MSI, the country’s largest carmaker, sold a total of 18,62,449 units in 2018-19, its highest ever sales in a year. It, however, posted a growth of only 4.7 per cent from 17,79,574 units in 2017-18.

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In December 2018, MSI had cut its sales projection for 2018-19 to 8 per cent from the previous projection of a double-digit growth.

Auto majors Maruti Suzuki India (MSI), Hyundai, Toyota Kirloskar Motor (TKM) and Honda Cars India (HCIL) reported single-digit growth in sales for the fiscal ended March 31, with slowdown affecting passenger vehicles (PV) demand for almost three quarters of the year.

MSI, the country’s largest carmaker, sold a total of 18,62,449 units in 2018-19, its highest ever sales in a year. It, however, posted a growth of only 4.7 per cent from 17,79,574 units in 2017-18. The company also missed its revised forecast of 8 per cent for FY19.

In December 2018, MSI had cut its sales projection for 2018-19 to 8 per cent from the previous projection of a double-digit growth. The company also posted its highest ever sales in the domestic market in FY19 with 17,53,700 units, up 6.1 per cent from 16,53,500 units in 2017-18.

Hyundai Motor India recorded 2.5 per cent rise in total sales at 7,07,348 units in FY19 as against 6,90,184 units in FY18. The company sold 5,45,243 units domestically, 1.7 per cent higher than the 5,36,241 units sold in 2017-18.

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“We closed the financial year 2018-19 on a positive note with a growth of 1.7 per cent and highest ever domestic volume meeting and exceeding our customer aspirations,” Hyundai Motor India national sales head Vikas Jain said.

HCIL, meanwhile, posted sales of 1,83,787 units in 2018-19, up 8 per cent as against 1,70,026 units in 2017-18. “Strong sales efforts from the dealers and company during the prevailing tough market scenario resulted in this growth rate, which is ahead of the industry,” Rajesh Goel, senior VP and director (sales and Marketing), HCIL, said, adding that the all new Amaze was a driver for the firm’s growth.

Similarly, Toyota Kirloskar Motor reported a 7 per cent rise in in 2018-19 domestic sales at 1,50,525 units from 1,40,645 units in the previous fiscal. “Innova Crysta and Fortuner have been maintaining the growth trajectory …,” Toyota Kirloskar Motor deputy managing director N Raja said. Meanwhile, Mahindra & Mahindra (M&M) reported a 2 per cent rise in PV sales to 2,54,701 units as compared with 2,49,505 units in 2017-18. Overall, the company closed the last fiscal with robust double digit growth of 11 per cent, despite strong headwinds faced by Indian automotive industry this year, M&M president Rajan Wadhera said.