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Auto market update: Analysing the volume growth of auto companies for December 2023

02 January 20246 mins read by Angel One
Buckle up gearheads, because in this article we're about to take a deep dive into the fascinating world of auto sales.
Auto market update: Analysing the volume growth of auto companies for December 2023
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Ever wondered why your neighbour with the questionable fashion sense drives a sparkling new sports car, while you’re stuck chugging coffee out of a chipped mug in your 10-year-old hatchback? Or why do pickup trucks suddenly seem as prevalent as pigeons in every parking lot? Well, grab your wrenches and settle in, because we’re about to analyse the numbers, crack the codes, and figure out what makes the car market roar!

Volume Growth Analysis

Tata Motors

As a prominent global automobile manufacturer, Tata Motors Group, a part of the esteemed Tata Group, delivers a diverse range of vehicles, including cars, SUVs, trucks, buses, and defence vehicles worldwide.

CATEGORY  DEC-23  DEC-22  % CHANGE  Q3 FY24  Q3 FY23  % CHANGE 
HCV TRUCKS 11,199 10,178 10% 29,656 27,625 7%
ILMCV TRUCKS 5,675 5,255 8% 15,411 14,092 9%
PASSENGER CARRIERS 3,060 2,694 14% 7,704 6,494 19%
SCV CARGO AND PICKUP 12,734 14,827 -14% 38,964 43,493 -10%
TOTAL CV DOMESTIC 32,668 32,954 -1% 91,735 91,704 0%
CV IB 1,512 995 52% 4,791 4,210 14%
TOTAL CV 34,180 33,949 1% 96,526 95,914 1%
CATEGORY  45261 44896 % Change Q3 FY24 Q3 FY23 % Change
TOTAL DOMESTIC SALES 76,138 72,997 4% 2,29,610 2,23,001 3%

In Q3FY24, Tata Motors Commercial Vehicles recorded domestic sales at 91,735, slightly surpassing Q3FY23’s 91,704. The M&HCV segment grew by 14%, driven by government infrastructure projects, core industry expansion, and sustained e-commerce growth.

The Passenger Commercial Vehicles segment showed a consistent post-pandemic recovery, with a ~19% increase. Q3FY24 witnessed a temporary pause in the YoY growth trend due to a higher base effect, state elections, and a post-festive rural consumption slowdown.

Anticipating improved demand in Q4FY24, driven by government infrastructure focus, a positive economic outlook, and demand-pull initiatives.

Mahindra & Mahindra

Mahindra & Mahindra Ltd, established in 1945, stands as India’s diversified automobile giant, spanning 2-wheelers, 3-wheelers, PVs, CVs, tractors, and more.

DECEMBER  YTD DECEMBER 
CATEGORY  F24 F23 % Change F24 F23 % Change
UTILITY VEHICLES  35,171 28,333 24% 3,33,764 2,57,849 29%
CARS + VANS  3 112 -97% 13 2,009 -99%
PASSENGER VEHICLES  35,174 28,445 24% 3,33,777 2,59,858 28%
COMMERCIAL VEHICLES F24 F23 % Change F24 F23 % Change
LCV < 2T  2,849 3,031 -6% 31,896 31,844 0%
LCV 2 T-3.5 T  12,668 16,170 -22% 1,45,107 1,45,351 0%
LCV > 3.5T + MHCV  2,371 879 170% 18,571 6,532 184%
3 WHEELERS (INCLUDING ELECTRIC 3WS)  5,307 5,052 5% 60,503 40,911 48%

Mahindra & Mahindra Ltd. reported a 6% YoY growth in overall auto sales for December 2023, reaching 60,188 vehicles, including exports.

In the Utility Vehicles segment, domestic sales saw a robust 24% growth, totalling 35,171 vehicles, contributing to the overall figure of 36,349 vehicles, including exports. Domestic sales for Commercial Vehicles stood at 17,888.

Veejay Nakra, President of the Automotive Division, highlighted a 24% growth in SUV sales but acknowledged supply challenges on specific parts, expressing commitment to collaboratively address these issues with suppliers.

SML ISUZU

After the 2004 expiration of the Mazda collaboration, Sumitomo acquired a full stake, and a technical assistance agreement with Isuzu Motors followed. Renamed SML ISUZU in 2011, it now sees ownership with Sumitomo Corporation and Isuzu Motors holding 44% and 15% stakes, respectively.

CATEGORY  2023-24 DEC  2022-23 DEC  % CHNG  2023-24 APRIL-DEC  2022-23 APRIL-DEC  % CHNG 
CARGO VEHICLES  425 389 9% 2886 3132 -8%
PASSENGER VEHICLES  521 570 -9% 6713 5417 24%
TOTAL  946 959 -1% 9599 8549 12%

Maruti Suzuki

Established in 1981 through a joint venture with Suzuki Motor Corporation, the company became SMC’s largest subsidiary, holding a market leadership position in India’s passenger vehicle segment. Specializing in motor vehicle manufacturing and sales.

DECEMBER  APRIL-DECEMBER  JANUARY-DECEMBER 
CATEGORY: SUB-SEGMENT  Models 2023 2022 FY 2023-24 FY 2022-2023 CY 2023
MINI  Alto, S-Presso 2,557.00 99,765.00 99,634.00 1,74,008.00 1,58,537.00
COMPACT  Baleno, Celerio, Dzire, Ignis, Swift, Tour S, WagonR 45,741.00 57,502.00 6,10,011.00 6,37,459.00 8,35,581.00
MINI + COMPACT SEGMENT  48,298.00 67,267.00 7,09,645.00 8,11,467.00 9,94,118.00
MID-SIZE  Ciaz 489.00 1,154.00 8,903.00 11,518.00 10,995.00
PASSENGER CARS  48,787.00 68,421.00 7,18,548.00 8,22,985.00 10,05,113.00
UTILITY VEHICLES  Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, XLB 45,957.00 33,008.00 4,60,588.00 2,60,172.00 5,66,545.00
VANS  Eeco 10,034.00 10,581.00 1,00,954.00 96,135.00 1,36,010.00
TOTAL DOMESTIC PASSENGER VEHICLE SALES  1,04,778.00 1,12,010.00 12,80,090.00 11,79,292.00 17,07,668.00
LIGHT COMMERCIAL VEHICLES (LCV)  Super Carry 1,714.00 1,525.00 23,613.00 26,607.00 35,012.00
TOTAL DOMESTIC SALES INCLUDING LCV (PV + LCV)  1,06,492.00 1,13,535.00 13,03,703.00 12,05,899.00 17,42,680.00
SALES TO OTHER OEM  4,175.00 4,016.00 43,262.00 50,724.00 54,493.00
TOTAL DOMESTIC SALES (PV+LCV+OEM)  1,10,667.00 1,17,551.00 13,46,965.00 12,56,623.00 17,97,173.00
TOTAL EXPORT SALES  26,884.00 21,796.00 2,04,327.00 1,94,614.00 2,69,046.00
TOTAL SALES (TOTAL DOMESTIC + EXPORT)  1,37,551.00 1,39,347.00 15,51,292.00 14,51,237.00 20,66,219.00

In December, sports utility vehicle (SUV) sales saw an uptick, contrasting with a decline in small car sales despite substantial discounts, as revealed by Indian automakers’ data on Monday. Despite entry-level vehicles posing challenges for the automotive industry, manufacturers have found solace in the robust sales of premium vehicles. These cater to a wealthier demographic that remains relatively unaffected by inflation, underscoring a notable market trend.

Disclaimer:This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. 

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