Maruti, M&M, Hyundai Motor India: Carmakers' shares in focus as SUV sales see sharp rise in October

Shares will be in focus as the companies earlier in the day reported their sales figures for October 2024. 

MSIL's exports in October stood at 33,168 units, up from 21,951 units in the same month last year, as per a PTI report. 

However, total domestic passenger vehicle sales—where MSIL holds market leadership—were 1,59,591 units in October, down 5% from 1,68,047 units in October last year.

In contrast, sales of sports utility vehicles (SUVs) have been rising, reflecting Indian buyers' preference for larger cars. MSIL reported that utility vehicles, including the Brezza, Grand Vitara, Ertiga, and XL6, saw sales of 70,644 units last month, compared to 59,147 units a year earlier.

M&M reported domestic SUV sales of 54,504 units, a 25% growth from 43,708 units in October last year. Overall passenger vehicle wholesales, including exports, stood at 55,571 units. Domestic commercial vehicle sales totalled 28,812 units in October, M&M said.

The shift towards larger vehicles also impacted Maruti's mini-segment cars and compact car sales. Mini-segment cars, including the Alto and S-Presso, saw sales decline to 10,687 units from 14,568 units in October 2023. Compact cars, including the Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, sold 65,948 units, down from 80,662 units in the year-ago month.

Meanwhile, Hyundai Motor India, too, posted its highest-ever monthly SUV sales at 37,902 units.

In its Farm Equipment Sector (FES), M&M reported record monthly domestic sales of 64,326 tractors, compared to 49,336 units in October 2023. Total tractor sales, including exports, reached 65,453 units, up from 50,460 units in the same period last year.