Bengaluru: Automaker Tata Motors and Hyundai Motor's India unit reported higher sales in April from a year earlier, while sales of truck maker Eicher Motors dipped, monthly data from the companies showed on Wednesday.
Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers.
The sales numbers are seen as a key indicator of private consumption in India. The auto sector has more than 50% weightage in calculating the country's economic growth.
Indian automakers posted record sales volumes in fiscal 2024, with momentum expected to continue into the current financial year. In April, two-wheeler sales surged amid regional festivals or weddings, while pricier sport utility vehicles (SUVs) were preferred by customers looking to buy cars, analysts noted.
Rising consumer income levels and the availability of easy financing options with lower EMIs (equated monthly instalments) have helped bolster SUV sales, said Amit Hiranandani, automobile sector lead analyst at brokerage SMIFS.
Meanwhile, sales of small cars have been subdued, with high inflation making them unaffordable for their target demographic.
Published 01 May 2024, 09:15 IST