Sales of sports utility vehicles (SUVs) rose in December, while small car sales fell despite high discounts, data from Indian automakers showed on Monday.
While sales of entry-level vehicles remain slow due to inflation, automakers have benefited from the sales of premium vehicles, catering to a more well-off demographic largely unaffected by higher prices.
Maruti Suzuki (MRTI.NS) and Mahindra & Mahindra (MAHM.NS) reported domestic SUV sales growth of 24% and 39% year-on-year, respectively.
Mahindra, which makes SUVs such as the Thar, Scorpio and XUV, had multiple months of record sales in the category in 2023. It has seen 20%-57% sales growth each month this financial year so far.
Sales of SUVs have formed 36% of Maruti’s domestic passenger vehicle (PV) so far this fiscal year, compared with 22% last fiscal, while accounting for almost all of Mahindra’s PV sales.
However, sales of its small cars like the Alto and Baleno were down 29%. That was also, in part, due to Maruti’s moderation of wholesales.
Tata Motors (TAMO.NS) reported an 8% growth in domestic PV sales, without specifying the growth rates of different categories of cars.
Bajaj and other two-wheeler makers benefited from the wedding season that took place during the first half of the month, analysts have said.
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