PV sales grow in single digit in FY19

PV sales grow in single digit in FY19
Highlights

Auto majors Maruti Suzuki India, Hyundai and Mahindra & Mahindra reported single digit sales growth in the financial year ended March 31, as slowdown hit passenger vehicles demand for almost nine months of the year

New Delhi: Auto majors Maruti Suzuki India, Hyundai and Mahindra & Mahindra reported single digit sales growth in the financial year ended March 31, as slowdown hit passenger vehicles demand for almost nine months of the year.

Honda Cars India and Toyota Kirloskar Motor (TKM) also reported single digit growth during the last fiscal. The country's largest carmaker Maruti Suzuki India (MSI) despite selling a total of 18,62,449 units in 2018-19, its highest ever sales in a year, posted a growth of only 4.7 per cent from 17,79,574 units in 2017-18.

The company missed its own revised forecast of 8 per cent for the fiscal. In December last year, MSI had cut its sales projection for 2018-19 to 8 per cent from an earlier projection of a double-digit growth.

However, in FY2018-19 the company posted its highest ever sales in the domestic market with 17,53,700 units, up 6.1 per cent from 16,53,500 units in 2017-18. Hyundai Motor India reported 2.5 per cent increase in total sales at 7,07,348 units in 2018-19 as compared with 6,90,184 units in 2017-18.

The company's domestic sales rose by 1.7 per cent to 5,45,243 units as compared with 5,36,241 units in 2017-18.

"We closed the financial year 2018-19 on a positive note with a growth of 1.7 per cent and highest ever domestic volume meeting and exceeding our customer aspirations," Hyundai Motor India National Sales Head Vikas Jain said.

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