The month of June is unlikely to see any benefits from the wedding season for the two-wheeler segment, while the passenger vehicles segment is likely to sustain its growth momentum. On a month-on-month basis, the commercial vehicle segment is likely to grow in single digits, while the tractor business may see some recovery compared to May.
Here’s a look at how auto companies have performed in June:
Ola Electric
Ola Electric has reported a significant 107% Year-on-Year growth in June 2024 registrations, totalling 36,716 according to the government’s VAHAN Portal, marking a strong performance compared to June 2023. The company continues to dominate the EV 2W segment with a 46% market share.
In Q1 of FY25, Ola Electric achieved a notable 57% growth over Q1 FY24, registering over 1.08 lakh vehicles. In CY2024, the company surpassed 2 lakh registrations, making it the first EV 2W firm to reach this milestone within the first half of a calendar year. Overall, Ola Electric has recorded over 2.28 lakh registrations in 2024.
Tata Motors
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, down from 80,383 units a year ago. Sales of passenger vehicles, including electric vehicles, fell by 8% to 43,624 units from 47,359 units in the same month last year.
In the April-June quarter, passenger vehicle dispatches stood at 1,38,682 units compared with 1,40,450 units in the year-ago period. Total commercial vehicle sales also declined by 8% to 30,623 units last month from 33,148 units in June 2023. However, commercial vehicle sales rose to 87,615 units in the April-June quarter, a 7% increase from 82,225 units in the previous year.
Kia India
Kia India announced a 10% year-on-year increase in total wholesales for June, reaching 21,300 units compared to 19,391 units in June 2023. In the first half of the year, the automaker achieved total sales of 126,137 units, reflecting a 6% growth from the previous year.
Hardeep Singh Brar, Senior VP and Head of Sales & Marketing at Kia India, in a company statement, said, “We have seen healthy month-on-month sales growth in H1 2024, averaging over 21,000 units per month. Our superior product offerings consistently attract customers to our showrooms, maintaining strong sales.”
Toyota Kirloskar Motor
Toyota Kirloskar Motor achieved its highest-ever monthly sales in June, dispatching 27,474 units to dealers, marking a 40% increase from 19,608 units in June 2023. Domestic wholesales reached 25,752 units, while exports accounted for 1,722 units.
Sabari Manohar, Vice President of Sales-Service-Used Car Business at Toyota Kirloskar Motor, said, “Our SUV and MPV segments continue to lead our impressive sales surge, reflecting strong consumer preference for these versatile and reliable vehicles.”
JSW MG Motor India
JSW MG Motor India recorded a 9% year-on-year decrease in retail sales for June, selling 4,644 units compared to 5,125 units in June 2023. The company highlighted that its flagship SUV, the ZS EV, achieved its highest-ever monthly sales in June 2024.
According to JSW MG Motor India, new energy vehicles (NEVs) accounted for over 40% of total sales, amounting to 1,861 units during the month, continuing to play a significant role in the company’s overall sales performance.
Hyundai Motor India
Hyundai Motor India reported a 1% decrease in total wholesales for June, with 64,803 units dispatched to dealers compared to 65,601 units last year. Domestic sales remained steady at 50,103 units, similar to 50,001 units in the same period last year, as stated by Hyundai Motor India. However, exports declined by 6% to 14,700 units from 15,600 units last June.
Hyundai Motor India’s COO Tarun Garg, said, “We closed H1 of CY2024 with an overall sales growth of 5.68% year-on-year. SUVs accounted for 66% of our domestic sales.” For the January-June period, the company’s total sales reached 385,772 units, up from 365,030 units in the corresponding period last year.
Audi India
Audi India reported a 6% decline in retail sales, selling 1,431 units in the April-June quarter of this year, down from 1,524 units in the same period last year.
Addressing the supply situation, Audi India Head Balbir Singh Dhillon stated, “While the supply situation in Q2 2024 has improved compared to Q1 2024, it still limited our sales performance.”
He expressed confidence that supplies will normalise in the second half of this year, enhancing their ability to meet customer demand.
VE Commercial Vehicles
VE Commercial Vehicles Limited, a subsidiary of Eicher Motors Limited, reported sales growth in June 2024. Eicher Trucks and Buses sold a total of 7,424 units, marking a 10.6% increase compared to June 2023.
Light and Medium Duty (LMD) Trucks saw a 2.8% increase, while Heavy Duty (HD) Trucks grew by 7.6%. Exports were strong, with LMD Trucks and HD Trucks increasing by 157.5% and 287.5%, respectively, although bus exports declined by 43.8%. Overall, VE Commercial Vehicles managed Volvo Trucks and Buses sold a total of 110 units, down 41.5% from June 2023.
Ashok Leyland
Ashok Leyland’s auto sales showed varied results across segments. Medium and Heavy Commercial Vehicles (M&HCV) saw mixed outcomes. M&HCV Trucks declined by 7% to 7,417 units, while M&HCV Buses increased by 26% to 1,635 units compared to June 2023. Overall M&HCV sales totaled 9,052 units, down 2% year-on-year.
In the Light Commercial Vehicles (LCV) segment, Ashok Leyland experienced a modest increase, selling 5,209 units, up 2% in June 2024. Combining domestic and export markets, the company sold a total of 14,940 vehicles, a 2% decrease from June last year’s sales of 15,221 units.
Maruti Suzuki India
India’s largest passenger car manufacturer reported overall sales of 1.79 lakh units for the month of June, which was higher than Nomura’s estimate of 1.62 lakh units. Total sales increased by 12.4% from the same period last year.
Domestic sales in June increased by 6.1% from last year to 1.48 lakh units, while exports increased by 57% to 31,033 units from 19,770 units last year.
Total Passenger Vehicle sales increased by 3.1% to 1.37 lakh units compared to 1.33 lakh units last year.
Mahindra & Mahindra
Mahindra & Mahindra reported a growth of 11% in overall sales for the month of June at 69,397 units, but was slightly below the street expectations of just over 72,000 units.
The UV segment saw the company sell 40,022 vehicles, growing 23% from last year, while the domestic sales for commercial vehicles stood at 20,594 units.
Overall exports for M&M grew by 4% from last year to 2,597 units.
With regards to the tractor business, the overall sales for June stood at 47,319 units. Domestic sales grew by 6% to 45,888 units, while exports of tractors grew by 28% year-on-year to 1,431 units.
“With retail momentum having picked up, supported by land preparation and an increase in Kharif crop sowing, demand for tractors is likely to remain strong in the upcoming months,” said Hemant Sikka, the President of the Farm Equipment Sector at M&M.
Bajaj Auto
The two and three-wheeler manufacturer and one of the best performers on the Nifty 50 so far in 2024 reported a 5% growth in overall sales for the month of June.
Overall sales stood at 3.58 lakh units, from 3.4 lakh units in the same period last year. Domestic sales increased by 8% year-on-year to 2.16 lakh units. Exports though, remained flat, rising only 1% to 1.42 lakh units.
Commercial Vehicle sales for Bajaj Auto increased by 16% to 54,831 units from 47,332 units last year. Two-wheeler sales increased by 3% year-on-year as exports were a drag. Commercial Vehicle exports though, increased by 14%.
Atul Auto
Atul Auto shares are locked in a 20% upper circuit on Monday. Overall sales for the month of June more than doubled, rising 107% to 2,628 units. Total sales for the first quarter increased by 115% from last year to 6,651 units.
Escorts Kubota
Escorts Kubota reported a 2.6% drop in overall sales to 9,593 units during the month of June, which is slightly lower than the estimate of 9,650 units.
Exports of tractors in June declined by nearly 60% from last June to 234 units. Domestic sales too, remained flat on a year-on-year basis to 9,359 units.
The company said that the sales in key markets saw a delayed pick-up in the retail season but this season will continue to a larger part of July as well.
“With the monsoon progressing well and continuing government support, including an increase in MSP, we anticipate demand to improve in the coming months,” Escorts Kubota said in the exchange filing.
Steel Strips Wheels
Steel Strips Wheels reported a 2% growth in overall volumes for the month of June, while growth in value terms was 1%.
Most of the growth came from the two and three-wheeler segment in both volume and value terms. Tractors too grew by 20%.
Apart from these segments, most of the company’s other business segments, catering to passenger car alloy, passenger car steel and exports, where under pressure for the month of June. Exports were down 25% in volume terms and 16% in value terms when compared to the same period last year.
