Maruti Suzuki India, the country’s passenger vehicle market leader, has reported wholesale despatches of 166,802 units in January 2024, which is a 13% year-on-year increase (January 2023: 147,348 units). This makes the opening month of 2024 the second-best monthly sales performance in the ongoing fiscal year – just 1,245 units fewer than October 2023’s 168,047 units.
While the 166,802 PVs sold in January 2024 are up 13% YoY, the 62,308 UVs constitute the second-best monthly UV performance after July 2023’s 62,049 units, falling short by just 11 units.
Providing the sales charge, as it has been for the entire fiscal as well as the record CY2023, has been the company’s SUV and MPV range. The eight-model utility vehicle (UV) portfolio, comprising the Brezza, Grand Vitara, Fronx, Jimny, S-Cross, XL6, Ertiga and the new Invicto, together sold 62,038 units, which is the company’s second-best UV monthly yet – an agonising 11 units short of the best ever monthly UV sales of 62,049 UVs in July 2023.
Sustained demand for its SUVs and MPVs, particularly the new Nexa models, means that the UV share is a third of total passenger vehicles, helping buffer the 42% decline in the sales of the Alto and S-Presso in the past 10 months.
Just how strong the demand continues to be for Maruti Suzuki’s SUVs and MPVs is reflected in their 10-month cumulative sales: 522,626 units, up 77% YoY (April 2022-January 2023: 295,525 units). This translates into an additional 227,101 UVs being sold compared to the year-ago period, with the April 2023-January 2024 UV sales contributing 36.12% to the company’s total PV sales of 1.44 million units in the first 10 months of FY2024.
The sustained demand for all these utility vehicles has not only helped the company top the SUV charts and market share but notably helped buffer the decline in sales of its two hatchbacks, seven compact cars and the sole premium sedan. In January 2024, the entry-level Alto and S-Presso models sold 15,849 units, down 38% YoY.
Their 10-month cumulative sales at 115,483 units are down 42% YoY. Wholesales of the seven-model ‘compact’ models (Baleno, Celerio, Dzire, Ignis, Swift, Tour S and Wagon R) in January 2024 have registered 4% growth at 76,533 units, which indicates a recovery in the segment. Their cumulative 10-month sales at 686,544 units are down 3% albeit expect this to be soon shift into positive territory in the coming months. Meanwhile, the premium Ciaz sedan old 363 units last month, down 64% (January 2023: 1,000 units). The Ciaz’s 10-month sales at 9,266 units are down 26% YoY (April 2022-January 2023: 12,518 units).
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