NEW DELHI: Demand for new cars remains strong despite concerns over interest rates and inflation. After sales growth of 33% in 2022, the sector is confident of closing this year with a record number of more than 4 million vehicles, with as many as a million units expected to arrive only during the festive season.
Companies like Maruti Suzuki, HyundaiKia, MG Motor and Mercedes-Benz say demand remains robust as sales of premium vehicles show no signs of slowing.
“We believe industry volumes will cross the 3 million unit mark by the end of September. Based on festive demand, we are confident of adding another million units in the final quarter and for the entire to cross the 4 million unit mark every year. an industry record,” Shashank Srivastava, director (marketing and sales) at Maruti Suzuki, told TOI on the sidelines of auto body Siam’s annual convention.
“Things are going well so far, and we expect this to be no different when it comes to festivals. We will have 83 days in the festive period this year where we aim to clock a record one million copies,” he said. adding that SUVs and new models continue to fuel the momentum.
Tarun Garg, COO of Hyundai in India, also said demand looks safe so far. “New demand remains strong even as companies clear the previous backlog of bookings. The sector has grown by nine percent this year and we are confident we will see similar growth in the coming months.”
Hardeep S Brar, VP (marketing and sales) at Kia India, said the mid-SUV category, with products like Kia Seltos, Hyundai Creta, Maruti Grad Vitara and Mahindra XUV7OO – has grown strongly. “The top end of the market continues to do well and we don’t see saturation happening any time soon.”
Santosh Iyer, MD of Mercedes in India, also said that new bookings are showing no signs of weakness even in the luxury sector. “We are confident we can continue the momentum.”
Shailesh Chandra, MD of Tata engines passenger and electric vehicles, and even electric vehicles are contributing to the growth.
Companies like Maruti Suzuki, HyundaiKia, MG Motor and Mercedes-Benz say demand remains robust as sales of premium vehicles show no signs of slowing.
“We believe industry volumes will cross the 3 million unit mark by the end of September. Based on festive demand, we are confident of adding another million units in the final quarter and for the entire to cross the 4 million unit mark every year. an industry record,” Shashank Srivastava, director (marketing and sales) at Maruti Suzuki, told TOI on the sidelines of auto body Siam’s annual convention.
“Things are going well so far, and we expect this to be no different when it comes to festivals. We will have 83 days in the festive period this year where we aim to clock a record one million copies,” he said. adding that SUVs and new models continue to fuel the momentum.
Tarun Garg, COO of Hyundai in India, also said demand looks safe so far. “New demand remains strong even as companies clear the previous backlog of bookings. The sector has grown by nine percent this year and we are confident we will see similar growth in the coming months.”
Hardeep S Brar, VP (marketing and sales) at Kia India, said the mid-SUV category, with products like Kia Seltos, Hyundai Creta, Maruti Grad Vitara and Mahindra XUV7OO – has grown strongly. “The top end of the market continues to do well and we don’t see saturation happening any time soon.”
Santosh Iyer, MD of Mercedes in India, also said that new bookings are showing no signs of weakness even in the luxury sector. “We are confident we can continue the momentum.”
Shailesh Chandra, MD of Tata engines passenger and electric vehicles, and even electric vehicles are contributing to the growth.
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