Hyundai Motor India, M&M report healthy sales growth in May
Mumbai, June 1
Leading automobile companies continued to report healthy sales momentum in May, with Hyundai Motor India Ltd and Mahindra & Mahindra posting growth in domestic sales amid sustained demand, according to data released on Monday.
HMIL reported domestic sales of 47,837 units in May, a 9.1 per cent year-on-year growth. Including exports of 13,300 units, the company's total sales stood at 61,137 units, a 4.1 per cent growth compared to the same period last year.
Meanwhile, Mahindra & Mahindra reported overall auto sales of 99,636 vehicles in May, a 20 per cent year-on-year growth, including exports.
In the utility vehicle segment, M&M sold 58,021 vehicles in the domestic market, up 11 per cent from a year ago.
In addition, its total utility vehicle sales, including exports, stood at 59,573 units. The company's domestic commercial vehicle sales stood at 24,079 units during the month, registering a 19 per cent growth.
According to M&M, exports rose 37 per cent year-on-year to 5,000 units in May.
Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd, said sustained demand across the company's portfolio continued, although supply chain challenges due to manpower shortages at select suppliers remained a constraint.
The latest sales figures indicate that domestic demand, particularly for SUVs and utility vehicles, continues to support growth momentum for automakers despite supply-side challenges.
Following this, shares of Hyundai Motor India traded lower, declining as much as 1.48 per cent to hit an intraday low of Rs 1,900 in early trade on the BSE. The stock touched a 52-week high of Rs 2,889.65 and a 52-week low of Rs 1,658.45 on the exchange.
Similarly, Mahindra & Mahindra stock declined 1.47 per cent to Rs 2,990, hitting an intraday low on the BSE. The stock recorded a 52-week high of Rs 3,840 and a 52-week low of Rs 2,896.30.
— IANS
Reader Comments
SUV craze is real in India! M&M selling 58k utility vehicles shows people still prefer big cars despite high fuel prices. But supply chain issues are worrying - hope they fix the manpower shortages soon.
Hyundai's 9.1% domestic growth is decent but compared to M&M's 20% it looks modest. EV sales are still a small fraction - when will we see real electric vehicle adoption in India? 🤔
Good numbers but I wish they'd focus more on affordable cars for the common man. Everyone is going premium - where are the budget-friendly hatchbacks? Middle class is struggling with EMIs on these expensive SUVs.
M&M's export growth of 37% is impressive! Indian auto companies are finally making a mark globally. But stock falling 1.47% despite such good news - investors seem nervous about valuations being too high.
Supply chain challenges are a recurring theme - manpower shortages, chip shortages, raw material price hikes. While demand is strong, automakers need to build more resilient supply chains. Otherwise these growth stories won't sustain. 😕
As someone tracking Indian auto from the US, these numbers are impressive. But I worry about the concentration on SUVs - if fuel
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