07 Oct 2024
FADA Commercial Vehicle Retail Sales Witness a 10.45% Decline in September 2024
The Federation of Automobile Dealers Association (FADA) has released the sales figures for commercial vehicles in September 2024. SML ISUZU LTD recorded a 19.97% 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 an overall decline in growth. Truck sales dropped to 74,324 units in September 2024, down from 82,993 units in September 2023, marking a 10.45% dip in growth.
Official Statement of FADA:
FADA President, Mr. C S Vigneshwar, shared his insights on the auto retail performance for September 2024, stating, “The 2024 southwest monsoon recorded 8% above-normal rainfall—the highest in four years—which has boosted Kharif sowing by 1.5% YoY. This increase in agricultural productivity has positively impacted rural demand and economic sentiment."
Despite the onset of festivals such as Ganesh Chaturthi and Onam, dealers have reported that the performance has been largely stagnant. This suggests that overall market sentiment during these festive periods has been underwhelming, with a trend leaning towards flat or negative growth.
The Shraddh period further impacted sales negatively, leading to a YoY decline in retail sales across various categories. Discounts and offers have been introduced across segments to stimulate demand, but these have yet to translate into a significant improvement in sales.
CV sales increased by 1.46% MoM but declined by 10.45% YoY, reflecting mixed performance. While there was positive sentiment and marginal growth in regions supported by infrastructure projects, overall demand remained weak due to low government spending, extended monsoon delays, and seasonal challenges. Despite some improvement in fleet purchases, the market conditions remain subdued."
Brand-Wise Commercial Vehicles 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 September 2024, the brand's sales decreased by 16.53%, selling 24,872 CVs, compared to 29,798 units in September 2023.
Mahindra & Mahindra:
Mahindra Trucks sold 18,666 commercial vehicles in September 2024. In comparison, the brand closed the same month last year with 20,747 units, registering a 10.03% decline in YoY sales.
Ashok Leyland:
Ashok Leyland ended September 2024 with a sales loss of 6.23%. The brand sold 12,519 CVs in September last year, which decreased to 13,351 units this year.
VE Commercial Vehicles:
VE Commercial Vehicles (a joint venture between Volvo and Eicher Trucks) sold 6,011 CV units in September 2024, compared to 5,890 units in September 2023, showing a modest growth of 2.05%.
Maruti Suzuki:
Maruti Suzuki experienced a slight decline of 1.71% in September 2024. They sold 3,453 units, while they closed with 3,513 units in September 2023.
Force Motors Limited:
Force Motors, another key player in the commercial vehicle market, experienced a drop in sales. The company sold 1,518 units in September 2024, compared to 1,682 units in September 2023, marking a 9.75% decrease.
Daimler India (BharatBenz):
Daimler India, known for its BharatBenz trucks, saw an increase in sales by 4.18%, selling 1,322 units in September 2024 compared to 1,269 units in September 2023.
SML Isuzu:
SML Isuzu recorded the highest sales growth of 19.97% in September 2024, selling 913 units of CVs compared to 761 units in September 2023.
Others:
All other brands contributed 5,050 CV units in September 2024, down from 5,982 units in September 2023, resulting in a 15.58% decline in sales.
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