September Auto Sales: 2Ws rev up with double-digit growth, PVs continue to slump | Stock Market News

Sales of two-wheelers have demonstrated robust growth in September, achieving double-digit increases, bolstered by a notable surge in electric two-wheeler sales and improvement in the exports. Leading brands like Hero MotorCorp, Bajaj, TVS Motor Co, and Honda Two-Wheelers all reported positive growth compared to their performance in September 2023.

In contrast, passenger vehicle wholesales have declined for the third consecutive month as the industry grapples with low demand. This downturn has resulted in substantial inventory buildup, prompting manufacturers to reduce dispatches to dealers in an effort to manage excess stock amidst waning consumer interest.

2W sales continue to shine

Bajaj Auto reported a 22% increase in 2W sales, reaching 4,00,489 units (including exports), crossing the 4-lakh milestone for the first time. In the same period of last year, the company sold 3,27,712 units.

Domestic two-wheeler sales experienced a 28% year-on-year growth to 2,59,333 units, while exports rose by 13%. Year-to-date figures for two-wheelers indicate a 12% year-on-year increase, with a total of 1,984,125 units sold.

TVS Motor Company registered a growth of 22%, with sales increasing from 386,955 units in September 2023 to 471,792 units in September 2024. Domestic two-wheelers registered growth of 23%, with sales increasing from 300,493 units in September 2023 to 369,138 units in September 2024.

Honda Motorcycle & Scooter India reported a rise in wholesale sales in the domestic market, reaching 536,391 units, up from 491,802 units in September 2023.

Hero MotoCorp sold 637,050 motorcycles and scooters in September, reflecting 19% year-on-year growth. From April to September 2024, the company achieved total sales of 3,054,840 units, a 10% increase compared to the same period last year.

In the electric two-wheeler segment, Bajaj Auto sold 18,933 Bajaj Chetaks in September, overtaking TVS Motor to claim the second spot in electric two-wheeler sales. TVS Motor sold 17,865 iQubes in September, marking a 15% year-on-year increase, as per the recent media reports. 

In August, Bajaj Auto was trailing TVS by just 791 units. For September, Bajaj Auto held a market share of 21.47%, while TVS Motor Co. accounted for 20.26%. Meanwhile, Ola experienced its lowest monthly retail sales in 11 months, with sales falling to 23,594 units in September 2024, down from the previous October. The company’s market share further dropped to 27% in September. 

PV sales continue to slump

In September, passenger vehicle manufacturers struggled with low demand, even as automakers provided significant discounts to stimulate sales.

Maruti Suzuki, India’s leading car manufacturer, reported a 4% decline in domestic passenger vehicle wholesales, totaling 144,962 units compared to 150,812 units in September 2023.

In September, the mini segment, including Alto and S-Presso, experienced a slight sales increase to 10,363 units from 10,351 units year-on-year. Conversely, compact car sales, which include models like Baleno, Celerio, and Swift, declined to 60,480 units from 68,551 units.

However, utility vehicle sales, featuring Brezza and Ertiga, grew by 4% to 61,549 units, up from 59,272 units in the previous year. Hyundai Motor India reported a 6% decline in domestic dispatches to dealers, totaling 51,101 units in September, down from 54,241 units in the same month last year.

Tata Motors also experienced a decrease, with total passenger vehicle sales—including electric vehicles—falling by 8% to 41,063 units compared to 44,809 units in September 2023.

In contrast, Mahindra & Mahindra saw a positive trend, with SUV wholesales in the domestic market increasing by 24% to 51,062 units year-over-year. Toyota Kirloskar Motor reported a 14% increase in wholesales, reaching 26,847 units in September. Meanwhile, Kia India enjoyed a 17% rise in sales, achieving 23,523 units for the month.

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