On the strength of strong sales in the SUV sector, Maruti Suzuki India posted its highest-ever monthly wholesales at 1,89,082 units on Friday. With the help of models like the Grand Vitara, Brezza, and Jimny, the largest automaker in the nation rose to the top position in the domestic SUV market between April and August.
When compared to the 1,65,173 cars shipped to dealers overall in August, the automaker’s dispatches last month increased by 14%.
In October 2020, the company announced record monthly sales of 1,82,448 units.
Sales of domestic passenger vehicles increased by 16% to 1,56,114 units from 1,34,166 units in the same month last year.
Sales of utility vehicles, which include the Brezza, Grand Vitara, Jimny, Ertiga, and XL6, totaled 58,746 units last month, more than doubling the 26,932 units sold in August of the previous year.
According to MSI Senior Executive Officer (Marketing and Sales), Shashank Srivastava, the company has surpassed Mahindra & Mahindra to become the market leader in the SUV class for the months of April through August of the current fiscal year.
“On a cumulative basis, which is from April to August, we have risen to the top spot in the SUV segment in August,” he said.
According to Srivastava, the company sold 41,658 SUVs in August, compared to Mahindra and Mahindra’s 37,233 sales in the same market.
Therefore, he continued, “our long-term treasured goal of being the top player in the SUV category is on track (for this fiscal year). By the end of this fiscal year, the firm had previously said that it aimed to have a market share of over 25% and be the dominant player in the SUV class.
With regard to the business achieving its best-ever monthly sales, Srivastava said the firm saw persistently strong demand for its cars, particularly the SUVs.
“The holiday season, which in Kerala began with Onam, has resulted in a very favorable retail rise of 25% in Kerala. Additionally, the corporation has greatly benefited from the introduction of new models in the rapidly expanding SUV market. Our audience numbers have significantly increased,” he said.
According to Srivastava, the overall expansion of the economy and the rise in production activity brought on by the improvement in the chip situation have also contributed to higher sales. Sales of micro segment automobiles, which include the Alto and S-Presso, dropped from 22,162 units in August 2022 to 12,209 units last month, according to MSI.
The compact vehicle shipment, which includes the Baleno, Celerio, Dzire, Ignis, and Swift, increased to 72,451 units from 71,557 units at the same time last year. According to MSI, its exports this month totaled 24,614 units, up from 21,481 units during the same period in 2017. After the automotive industry giant announced its highest-ever monthly wholesales in August, shares of the automaker increased by more than 3% in mid-session trading on Friday.
On the NSE, the company’s stock increased 3.47 percent to Rs 10,351.30 per share. Similar action was seen for the stock on the BSE, where it increased 3.44 percent to Rs 10,350.90 per share.
In the intra-day trade, the shares of the company touched its 52-week high of Rs 10,390 apiece on the BSE and Rs 10,397.95 each on the NSE.