Maruti Suzuki India, the country’s largest carmaker, experienced a notable upswing in sales during the month of May. The company reported a 10% growth, with total sales reaching an impressive figure of 1,78,083 units. This surge in sales was primarily driven by strong demand for utility vehicles in the domestic market. However, the overall sales performance was slightly hampered by weak demand for small cars and a decline in exports.
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The company acknowledged that the production of vehicles was slightly affected by a shortage of electronic components. Despite this challenge, Maruti Suzuki made concerted efforts to minimize the impact on production, ensuring a smooth operation as much as possible.
In terms of domestic sales, Maruti Suzuki witnessed a notable 13% increase, with 1,51,606 units sold in May compared to 1,34,222 units during the same period last year. The total domestic passenger vehicle sales also showed a positive trend, jumping 15% to 1,43,708 units as compared to 1,24,474 units in May of the previous year.
Highlighting the specific category of utility vehicles, which includes popular models like Brezza, Grand Vitara, and Ertiga, Maruti Suzuki reported an impressive 65% growth. The sales of utility vehicles reached 46,243 units in May, up from 28,051 units during the same month last year.
Looking ahead, Maruti Suzuki has set ambitious targets for its SUV segment. The company aims to sell nearly half a million SUVs in the current fiscal year 2023-2024, with a goal of capturing a dominant market share of 45% in the SUV segment by the end of FY24, compared to the 41% market share achieved in FY23.
However, the sales performance of small cars, including popular models like Alto and S-Presso, experienced a decline of 30% with sales reaching 12,236 units in May, down from 17,408 units in the corresponding period last year. On the other hand, sales of compact cars, including Swift, Celerio, Ignis, Baleno, and Dzire, saw a modest increase of 5%, reaching 71,419 units compared to 67,947 units in May 2022. Furthermore, the mid-sized sedan Ciaz witnessed a positive growth in sales, with 992 units sold in May, up from 586 units in the previous year.
In terms of exports, Maruti Suzuki reported a decline of 3% with 26,477 units exported in May, compared to 27,191 units in the same month last year.
Overall, despite the challenges posed by component shortages and varying sales performance across different car categories, Maruti Suzuki’s robust sales growth in the utility vehicle segment and domestic market indicates a positive trajectory for the company’s performance in the automobile industry