05 Aug 2024
FADA saw a 5.93% increase in commercial vehicle retail sales in July 2024
The Federation of Automobile Dealers Association (FADA) has released the July 2024 sales figures for commercial vehicles. VE Commercial Vehicles Ltd., a renowned Indian company, experienced 19.80% sales growth from the previous year.
According to the truck sales report by FADA, top Indian commercial vehicle manufacturers experienced increased profits. Truck sales increased 5.93%, with 80,057 units sold in July 2024 compared to 75,573 units in July 2023.
Official Statement of FADA
FADA Vice President Mr. C. S. Vigneshwar provided insights on July 2024's auto retail performance, stating, “Following a deficient June, monsoons in India have intensified, resulting in above-normal cumulative rainfall for July. However, the geographical distribution was uneven, with Southern and Central India receiving excess rain, while 10 meteorological divisions experienced a double-digit deficit. Kharif sowing has increased by 2.3% since last year, but these figures are somewhat misleading due to poor sowing activity in the previous year caused by El Nino disruptions. Compared to July 2023, the sown area has actually decreased by 2.4%, according to experts.
Despite these challenges, India’s automobile retail sector saw YoY growth of 13.84%, with almost all categories witnessing an increase. Two-wheelers (2W) grew by 17%, three wheeler (3W) by 13%, passenger vehicles (PV) by 10%, and commercial vehicles (CV) by 6%. Tractors, however, continued to underperform, falling by 12% YoY.
Brand-Wise Commercial Vehicles Sales Data of July 2024
Here, we have segregated the section according to brand-wise sales.
Tata Motors
Tata Motors is India's largest commercial vehicle producer. In July 2024, the brand's sales increased by 0.41%. They sold 27,492 CVs, compared to 27,379 in July 2023.
Mahindra & Mahindra
Mahindra Trucks sold 19,023 commercial vehicles in July 2024. In comparison, the brand closed the same month last year with 17,637 units. As a result, the brand grew by 7.86% in July YOY sales.
Ashok Leyland
Ashok Leyland ended July 2024 with a sales increase of 12.39%. The brand sold 12,380 CVs in July last year, which increased to 13,914 units this year.
VECV
VECV is a joint venture between Volvo Trucks India and Eicher Trucks. In July 2024, they sold 6,607 CV units, which closed at 5,515 units in July 2023, resulting in a sales profit of 19.80%.
Maruti Suzuki
Maruti Suzuki experienced a rise of 4.67% in July 2024. They sold 3,519 units in July 2024, while they closed with 3,362 in July 2023.
Force Motors Limited
Force Motors is yet another popular commercial vehicle manufacturer in India. It closed in July 2024 with a sales increase of 9.06%, selling 1,866 units this July compared to 1,711 last year.
Daimler
Daimler India, or BharatBenz Trucks, sold 1,576 CV in July 2024, compared to 1,502 units in July 2023. As a result, it registered an increase of 4.93%.
SML Isuzu
SML Isuzu recorded a maximum sales increase of 10.21% in July 2024. The brand sold 1,252 units of CVs in July 2024, outnumbering the 1,136 units sold in July last year.
Others
All the other brands contributed 4,808 CV units in July this year, compared to 4,951 units in July 2023. This resulted in a sales loss of 2.89%.
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