Maruti Suzuki, Tata Motors, Mahindra, Other Carmakers Post Higher March Sales; End Fiscal 2024 With Record Figures
The numbers are seen as a key indicator of private consumption in India. The auto sector carries more than 50 per cent weightage in calculating the country’s economic growth.
Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March and the companies ended fiscal 2024 with record sales figures, monthly data from the automakers showed on Monday.
Each month, automobile makers release wholesale numbers, or vehicle sales to dealers.
Hero MotoCorp and Bajaj Auto will report monthly data for its two-wheelers later in the day.
WHY IT’S IMPORTANT
The numbers are seen as a key indicator of private consumption in India. The auto sector carries more than 50 per cent weightage in calculating the country’s economic growth.
CONTEXT
A surge in domestic sales of pricier sport utility vehicles (SUVs) last year has extended into 2024. Utility vehicles accounted for nearly 60 per cent of total passenger vehicle sales from April 2023 to February 2024, according to industry data.
Entry-level car sales floundered last year. In a bid to increase demand, automakers have banked on higher discounts in the segment.
Meanwhile, product launches and improved rural demand for entry-level models have helped bolster two-wheeler sales amid heated competition in the high-end segment.
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