Automobile sales in January were a mixed across segments

SPA Securities | Nov. 7, 2016, midnight

Automobile sales in January were a mixed across segments, including passenger cars, two-wheelers and commercial vehicles, as rural markets failed to pick-up post demonetization. In the passenger car market, while market leaders like Maruti Suzuki India Ltd (MSIL) and Hyundai Motor continue to grow in double digits, companies such as Mahindra & Mahindra (M&M) and Honda Cars India continue to report a fall in sales. MSIL sold around 1.34 lakh units in January (up 26% against 1.06 lakh units YoY), Hyundai Motor India sold 42,017 units (up 10% against 38,016 units YoY). With the success of its small car Tiago, Tata Motors also grew by 21% at 12,907 units (10,728 units YoY).In the two-wheeler segment, HMCL reported a decline of 13%YoY, which sold 4.87 lakh units (5.63 lakh units YoY). Bajaj Auto also reported fall of 15% in its motorcycle sales to around 1.20 lakh units in January (1.41 lakh units YoY).However, another major player Honda Motorcycle & Scooter India (HMSI) managed to report 2%volume growth at 3.68 lakh units (3.62 lakh units YoY).Similarly, TVS Motor managed to sell a similar number of two-wheelers in January on YoY basis. In the commercial vehicles segment, both Tata Motors and M&M reported negative sales growth in January YoY.

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