Bajaj Auto and Escorts Kubota have released their car sales figures for October and confirmed all live updates on October sales for Maruti Suzuki, Mahindra and Mahindra, TVS Motors and other automakers, check here. increase
Indian car makers have started releasing their sales figures for October. Broker Nomura feels the demand for the holiday season has kept him in type K for a month.
Brokers expect demand in the premium segment to remain high, but motorcycle sales are expected to slow in October. A festive sale of tractors is also expected to exceed expectations.
Maruti Suzuki, Mahindra, Mahindra, Ashok Leyland and TVS Motors are forecasting sales growth of 20-40% year-over-year, while Nomura expects Hero MotoCorp’s sales to fall 14% in October.
Below are updates from some of India’s leading automakers.
In the motorcycle segment, the company sold 3.41 million units, a decrease of 13% compared to 3.91 million units sold in the same period last year. Meanwhile, tricycle sales he increased by 10.4%.
The automaker was hit hard in the export market, where sales fell by 31%.
Bajaj Auto executive director Rakesh Sharma told CNBC-TV18 that the market is expected to return to normal soon.
“At the retail level, the month has been better than the previous month, which is very encouraging as it indicates that the market is at least digesting the price gains that are happening due to inflation. I think it should return to normal once the availability of currencies etc. is improved.”
Escorts Kubota’s total tractor sales in October increased by 7.2% to 14,492 units compared to 13,514 units in the same period last year.
Domestic tractor sales in October 2022 were 13,843 units, marking an 8.6% growth, with festive demand driven by a better-than-average monsoon and increased water storage good for the company.
Meanwhile, export sales decreased by 15.2% to 649 units sold in October 2022 compared to 765 units sold in October 2021.
Going forward, the overall demand for construction machinery in India is expected to soar due to increased public and private infrastructure spending and economic growth.
VE Commercial Vehicles Ltd., the commercial vehicle subsidiary of Eicher Motors Ltd., reported a 4% increase in sales in October 2022. Meanwhile, total domestic sales increased by 14.2% to his 5,555 units.
Exports decreased by 56.9% to 356 units.
First published: IST