Auto Sales In February 2023: Hero MotoCorp's Dispatches Rise 10%, Eicher Motors' Sales Jump
Auto Sales In February 2023: Here's a look at which automaker sold how much in the month gone by.
Hero MotoCorp's Dispatches Rise 10%, Beat Estimates
Hero MotoCorp Ltd.'s total dispatches to dealerships rose 10% year-on-year to 3.94 lakh units, beating analysts' consensus estimates of 4% growth.
The volumes in the month of February indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of favorable economic indicators, according to the company's press release.
Sales Snapshots (YoY):
Domestic sales rose 15.3% to 3.82 lakh units.
Sales of motorcycles grew 9.9% to 3,71,854 units.
Scooter sales rose 14.2% to 22,606 units.
Exports fell 55% to 12,143 units.
Eicher Motors' Royal Enfield Sales Rise 21%
Eicher Motors Ltd.'s total motorcycle sales rose 21% year-on-year to 71,544 units in February.
Sales Highlights (YoY):
Sales of motorcycles with engine capacity up to 350cc rose 31% to 64,810 units.
Sales of motorcycles with engine capacity exceeding 350cc fell 30% to 6,734 units.
Exports rose 1% to 7,108 units.
TVS Motor's Sales Decline As Exports Fall Sharply
TVS Motor Co. Ltd.'s total dispatches fell 2% to 2.76 lakh units with sharp fall in exports.
While the two-wheeler sales remained flat, there was a wide divergence between motorcycle and scooter sales. Motorcycle dispatches fell 12% to 1.26 lakh units, while scooter sales jumped 21% to 1.05 lakh units.
Sales Snapshots (YoY):
Total exports fell to 53,405 units from 1.08 lakh units last year.
Two-wheeler sales fell 0.2% to 2,67,026 units.
Domestic two-wheeler sales rose 28% to 2.21 lakh units.
Two-wheeler exports more than halved to 45,624 units.
Sales of iQube electric scooter jumped manifold to 15,522 units.
Eicher Motors' Commercial Vehicle Arm's Sales Up 25%
Eicher Motors Ltd.'s arm VE Commercial Vehicles Ltd.'s dispatches to dealerships rose 24.5% to 7,289 units in February.
Sales Highlights (YoY):
Domestic sales grew 33.5% to 6,799 units
Exports fell 53.8% to 301 units.
M&M Car Dispatches Up 10%, Tractor Sales Jump
Mahindra & Mahindra Ltd.'s total passenger vehicle sales rose 10% year-on-year to 30,538 units in February.
The company continues to sell more than 30,000 SUVs per month despite disruption in supply chain of crash sensors and air bag electronic control units, the company said in a release.
Sales Snapshots (YoY):
Tractor Sales grew 26% to 25,791 units.
Sales of medium capacity light commercial vehicles rose 12% to 17,241.
Three wheeler sales jumped 40% to 5,350 units.
Exports fell 20% to 2,250 units.
"Record Rabi crop acreage for wheat and oilseeds, high crop prices and better terms of trade for farmers is leading to positive sentiments in the rural markets," Hemant Sikka, president of farm equipment sector at M&M, said in a statement.
Expected higher Rabi output will improve liquidity in the hands of the farmers, supporting tractor demand, he added.
Tata Motors Car Sales Up 7%, CV Dispatches Fall
Tata Motors Ltd.'s total domestic sales rose in February with passenger vehicles sales rising 7% year-on-year to 43,140 units.
Sales Highlights (YoY):
Total domestic sales rose 6% to 78,006 units.
Commercial vehicle sales fell 3% to 36,565 units.
Medium and heavy commercial vehicle sales rose 26% to 12,850 units.
Ashok Leyland's Sales Jump Led By Heavy Duty Trucks
Ashok Leyland Ltd.'s dispatches to dealerships rose 27% year-on-year to 18,571 units in February led by strong growth in both heavy duty trucks and buses.
Sales Highlights (YoY):
Domestic sales rose 32% to 17,568 units.
Medium and heavy commercial vehicle sales grew 35% to 12,668 units.
Light commercial vehicle sales rose 12% to 5,903 units.
Maruti Suzuki's Dispatches Rise 5%
Maruti Suzuki India Ltd.'s dispatches rose 5% to 1.72 lakh units in February with robust 10% growth in domestic sales.
Sales Snapshots (YoY):
Sales in mini and compact segment grew 4.4% to 1,01,773 units.
Utility vehicles sales jump 32.3% to 33,550 units.
Exports decline 28.4% to 17,207 units.
Escorts Kubota's Dispatches Jump 28%
Escorts Kubota Ltd.'s dispatches to dealerships jumped 28% year-on-year to 7,811 units in February with strong growth in both domestic sales and exports.
Sales Highlights (YoY):
Domestic sales grew 27.4% to 7,245 units.
Exports rose 32.2% to 566 units.
The tractor-maker expects the demand momentum to continue across geographies with record rabi sowing, better crop prices, good level of water reservoirs and increased allocation to rural and agri sector in the budget.
Bajaj Auto's Weak Exports Remain A Drag
Bajaj Auto Ltd. sent 2.80 lakh units to dealers, which was 11% less than the same time last year. Weakness in foreign markets continued to bring the total down. The 38% fall in exports was enough to overshadow the 36% jump in domestic sales.
The fall in sales was steeper than an average of three analysts' estimates, which expected 2.85 lakh sales in the month.
Sales Snapshots (YoY):
Total two-wheeler sales fell 16% to 2.35 lakh units.
Domestic sales of two-wheelers rose 25%, while exports fell 37%.
Commercial vehicle dispatches rose 22% to 44,870 units.
Auto Sales Preview
Indian automakers are announcing their February sales figures today.
Analysts estimate a mixed bag across categories, with passenger vehicle sales showing signs of slowdown and two-wheeler demand seeing a gradual revival, while weakness persists in the rural markets.
The commercial vehicle segment is expected to remain on a strong growth path, while tractors may also see double-digit growth during the month.