06 Nov 2024
FADA Commercial Vehicle Retail Sales Witness a 6.37% Growth in October 2024
The Federation of Automobile Dealers Association (FADA) has released the sales figures for commercial vehicles in October 2024. SML ISUZU LTD recorded a significant 29.09% increase in sales compared to last year, making it the company with the highest YoY growth for the month.
According to FADA's truck sales report, leading Indian commercial vehicle manufacturers experienced overall growth in October 2024. Truck sales reached 97,411 units in October 2024, up from 91,576 units in October 2023, reflecting a 6.37% increase in growth.
Official Statement of FADA:
FADA President, Mr. C S Vigneshwar, shared his insights on the auto retail performance for October 2024, stating, “October 2024 witnessed the convergence of two major festivals, Navratri and Diwali, both occurring in the same month. These festivals typically account for 30–35% of total annual auto sales, so the industry’s focus was sharply on how October would unfold. With dealers fully committed and carrying all-time high inventory levels, the month did not disappoint.
The commercial vehicle segment registered a modest 6% YoY growth. Key contributing factors included supportive agricultural markets and bulk purchases, particularly for container movements. The festive season, with Diwali and Dussehra, also stimulated demand, along with some recovery from September's slowdown due to rains. However, dealers faced challenges such as slow demand, sluggish construction activities, financial issues among customers, and increased vehicle prices leading to higher EMIs. Overall, while some areas saw growth, the CV market faced headwinds that tempered its overall performance.”
Brand-Wise Commercial Vehicle Sales Data:
Here, we have segregated the section according to brand-wise sales:
Tata Motors
Tata Motors is India's largest commercial vehicle producer. In October 2024, the brand's sales decreased by 6.84%, selling 30,562 CVs, compared to 32,806 units in October 2023.
Mahindra & Mahindra
Mahindra Trucks sold 27,769 commercial vehicles in October 2024. In comparison, the brand closed the same month last year with 22,984 units, registering a 20.82% increase in YoY sales.
Ashok Leyland
Ashok Leyland ended October 2024 with a sales increase of 5.97%. The brand sold 15,772 CVs in October, compared to 14,883 units in October 2023.
VE Commercial Vehicles
VE Commercial Vehicles (a joint venture between Volvo Trucks and Eicher Trucks) sold 7,033 CV units in October 2024, compared to 6,650 units in October 2023, showing a modest growth of 5.76%.
Maruti Suzuki
Maruti Suzuki experienced a notable growth of 31.31% in October 2024. They sold 5,238 units, while they closed with 3,989 units in October 2023.
Force Motors Limited
Force Motors, another key player in the commercial vehicle market, experienced a slight increase in sales. The company sold 1,370 units in October 2024, compared to 1,317 units in October 2023, marking a 4.02% growth.
Daimler India (BharatBenz)
Daimler India, known for its BharatBenz Trucks, saw a slight decline in sales by 3.17%, selling 1,894 units in October 2024 compared to 1,956 units in October 2023.
SML Isuzu
SML Isuzu recorded the highest sales growth of 29.09% in October 2024, selling 852 units of CVs compared to 660 units in October 2023.
Others
All other brands contributed 6,921 CV units in October 2024, up from 6,331 units in October 2023, resulting in a 9.32% increase in sales.
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