India’s passenger car market tops 500,000 in October for the first time; Hyundai and Kia post record results

 【New Delhi, India — Pragya Awasthi, correspondent】Fueled by demand during the festive season, India’s passenger car market topped 500,000 monthly sales for the first time ever in October.
According to local Indian media on the 2nd, major automakers including Maruti Suzuki, Hyundai Motor India Limited (HMIL) and Mahindra & Mahindra led growth, posting their highest monthly results ever. Industry estimates put passenger vehicle shipments in India in October at 525,000–530,000. That was up 13–15% from about 460,000 in the same period last year, maintaining double-digit growth despite a high base. The increase in shipments is attributed to dealers building inventory ahead of the major festivals in the first half of November, including Dhanteras and Diwali.
Gaurav Bangal, deputy director at Mobility Global, explained, “The increase in wholesale sales in October reflects inventory building in preparation for demand during the festive season,” adding, “Actual vehicle registrations may temporarily decline as purchases shift to November.” Last year, sales were sluggish from mid-August to mid-September as consumers delayed purchases ahead of a cut in the goods and services tax (GST), but demand quickly recovered after the reduced rates took effect in late September.
In particular, HMIL sold a record 82,299 vehicles in October, combining domestic sales and exports, up 17.7% from the same period last year. Domestic sales rose 16.7% to 62,799, a monthly record, while exports increased 21.1% to 19,500. The small sport utility vehicle (SUV) Hyundai Venue sold 13,017 units in the domestic market, setting a new record for the Venue and accounting for about 20% of total domestic sales. Tarun Garg, head of HMIL, said, “With our new intelligent utility vehicle (IUV), the Bayon, we will continue to grow in India and in more than 50 export markets.”
Kia’s Indian unit also shipped a total of 33,462 vehicles in October, up 13.2% from the same period last year, setting a monthly sales record for the second consecutive month. The midsize SUV Kia Seltos drove about 39% of total results, with sales of more than 13,000 units. Kia’s cumulative sales from January through October had already surpassed its total sales for all of the previous year. Up 21.3% from the same period last year, the company is targeting its first-ever annual sales of 300,000 vehicles. Electric vehicle sales in October also rose 31% from the previous month to a record high.
[email protected] Pragya Awasthi, correspondent Reporter