Automobile industry records growth for the 7th straight month
Published On: Monday, March 1, 2021 | By: Team KnowMyStock
In the Indian market passenger vehicle wholesale continued to grow year-on-year for the seventh straight month in February as demand for personal mobility remains strong during the pandemic despite soaring fuel prices. About 308,000 cars and SUVs were dispatched from factories to showrooms during February, a 23% growth over the preceding year, industry data show. Market leader Maruti Suzuki sold 144,700 passenger vehicles during the month, a year-on-year growth of 8%. Its market share improved by 116 basis points over January to 46.9% but was considerably lower than 53.3% achieved in February 2020. Hyundai Motor and Tata Motors sold 51,600 and 27,224 units during the month, growing by 29% and 119% over last year.
“The market is expanding rapidly at the bottom end with A & B segments (small, entry-level cars) in high demand due to the preference for personal mobility,” said the senior vice president at Toyota Kirloskar Motor. “The high-end of the market is barely reaching last year’s numbers.”
Toyota sold 14,069 vehicles during the month, which was an on-year growth of 36%. The company’s higher-end models like the Innova and Fortuner sold better due to recent refreshes, he said.Automakers may have sold more units during the month if not for supply chain constraints, especially for semiconductors.
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