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Festive spirit drives record Sep car sales
Mint Mumbai
|October 02, 2023
Maruti, Hyundai, Mahindra report highest-ever monthly sales
Indian passenger vehicle (PV) makers, including market leader Maruti Suzuki India Ltd, reported record monthly dispatches in September, capitalizing on improved chip supplies as they ramped up production to meet demand following a raft of new car launches ahead of the festive season.
Vehicle despatches hit a new record at 363,733 units in September, a 2.4% increase from a year ago, according to data from carmakers and industry estimates.
The August-to-November festive season traditionally drives a substantial share of Indian car sales, prompting automakers to replenish dealer stocks in anticipation of heightened demand. In addition, as semiconductor shortages ease, carmakers have lined up 81 new launches in the current fiscal year, piquing buyer interest, Mint reported on 1 May.
The surge in despatches in September was led by sales of sport utility vehicles (SUVs), which now command more than half (52%) of all PV volumes, indicating a shift in buyer preferences.
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