October sees record EV registrations, up 26 per cent year-on-year to reach 1.1 million units: Report

October sees record EV registrations, up 26 per cent year-on-year to reach 1.1 million units: Report

by with No Comment car updates

By: ANI
, updated on: November 13, 2024, 09:49 am

  • EV penetration improved by 100 basis points (bps) year-on-year, with total EV registrations growing 26 percent year-on-year to 1.1 million units.
The growth in EV registrations was mainly led by the electric two-wheeler segment, while passenger cars recorded a modest eight per cent growth. (AFP via Getty Images)

According to Haitong report, electric vehicle (EV) registrations witnessed a modest growth in October 2024, mainly due to increased festive season demand, leading to strong year-on-year (YTD) growth in EV penetration across all regions. increased.

YTD EV penetration improved 100 basis points (bps) year-on-year (YoY) to 7.6 percent, with total EV registrations increasing 26 percent to 1.1 million units.

This growth was mainly led by the two-wheeler (2W) segment, while the passenger vehicle (PV) segment recorded a marginal growth of 8 per cent.

Also read: Creta, Venue SUV could not save Hyundai India's profit from 16.5 percent decline in Q2 FY25

In October, sequential penetration rates for electric two-wheelers (E2W) and electric passenger vehicles (EPV) increased by 10 bps with YTD growth of 100 bps and 10 bps respectively.

Although the electric three-wheeler (3W) segment saw a monthly decline of around 290 bps in penetration, it maintained a YTD penetration gain of 250 bps.

Strong festive demand led to the highest number of PV EV registrations ever in October, even though penetration in the segment remains relatively low.

The recent surge in rural demand in contrast to the slowdown in urban areas has created short-term pressure on overall EV penetration. However, the upcoming launch of new EV models by major PV original equipment manufacturers (OEMs) such as Tata, Mahindra & Mahindra (M&M) and Maruti Suzuki is expected to increase the adoption rate.

Total E2W registrations in October reached 139,379 units, representing an impressive growth of 118 percent year-on-year. While YTD penetration for E2Ws grew 100 bps YoY, October saw a modest 10 bps monthly gain.

Also read: Tata Motors misses Q2 profit estimates due to weak sales, hopes for festive turnaround

Ola Electric maintained its market leadership with 30 per cent share and regained some of its lost ground last month. Ola registrations grew by 75 per cent year-on-year and 69 per cent month-on-month (MoM), totaling 41,713 units.

TVS regained its second position from Bajaj Auto with 21 percent market share, while Bajaj stood second with 20 percent. TVS experienced a growth of 82 per cent year-on-year reaching 29,964 registrations, while Bajaj's registrations increased by 212 per cent to 28,288 units.

Electric three-wheeler registrations in October reached 67,172 units, up 17 per cent YoY and 11 per cent MoM, reflecting solid growth in demand. YTD penetration in this segment grew by 250 bps year-on-year.

Recommended Watch: This is Maruti's first electric car!

Mahindra & Mahindra (M&M) strengthened its position as the market leader with YTD market share up 50 bps to 9.5 per cent in October.

Bajaj Auto also made significant progress, increasing its YTD market share to 6.3 percent from a negligible share last year.

The EPV segment achieved record monthly registrations in October with 10,752 units, a growth of 70 per cent year-on-year due to the festive season. YTD penetration in the EPV category grew marginally by 10 bps YoY.

Tata Motors retained its position as the market leader with a YTD market share of 63 percent, though this was down from 72 percent last year. MG Motors showed considerable progress and increased its YTD market share from 12 per cent to 20 per cent year-on-year.

Check out Upcoming EV Cars in India, Upcoming EV Bikes in India.

First publication date: 13 November 2024, 09:49 am IST

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Nissan shares fall after plans to cut jobs, production

Nissan shares fall after plans to cut jobs, production

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By: reuters
, updated on: 09 November 2024, 10:05 am

Nissan is facing criticism for its hybrid strategy, with analysts highlighting its over-reliance on EVs. After huge job cuts and profit forecasts

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Nissan on Thursday cut its full-year operating profit forecast by 70 percent. The automaker completely scrapped its net forecast due to restructuring, which will cut costs by 400 billion yen. (Reuters)

Nissan Motor shares fell 6 percent in Tokyo trading on Friday, a day after the Japanese automaker said it would cut 9,000 jobs and 20 percent of its manufacturing capacity as it struggles with sales in China and the United States. Is struggling.

The stock posted its biggest one-day price drop since August, ending the session at 385.2 yen, just above a four-year low.

Japan's third-largest automaker on Thursday slashed its full-year operating profit forecast by 70 percent and completely scrapped its net forecast due to restructuring, which it said would cost the company in the fiscal year through March. There will be a cut of 400 billion yen ($2.61 billion). Ending.

Also read: Tesla was told to tone down enthusiasm for robotaxi, months before US investigation

Like many global automakers, Nissan is struggling in China where BYD and other domestic rivals are winning market share with affordable electric vehicles and petrol-electric hybrids equipped with advanced software.

Nissan has also been challenged in the US, where it has a shortage of hybrid vehicles because of the huge demand for that type of vehicle.

CEO Makoto Uchida said Thursday that Nissan did not expect the sudden popularity of hybrids in the US and that demand for modified versions of the core model was not as strong as expected.

Also read: Toyota COO criticizes US EV policies, calls for organic growth without mandate

Nissan's restructuring is the latest chapter in a long-running effort to revive its business, which has never fully recovered after ousting former Chairman Carlos Ghosn in 2018 and cutting its partnership with Renault.

On Friday, Economy, Trade and Industry Minister Yoji Muto declined to comment when asked by reporters for his views on possible government support for Nissan.

Recommended Watch: Maruti's first electric car Suzuki E Vitara breaks cover

Tokai Tokyo Intelligence Laboratory analyst Seiji Sugiura placed much of the blame for Nissan's U.S. hybrid situation on management, saying it expected to sell primarily new EVs and conventionally powered models.

Sugiura said, “The company released its mid-term plan this spring, but in the end it made no sense. I think their understanding of the situation is completely wrong.”

Nissan's mid-term plan announced in March included 30 new models over the next three years, increasing global sales to 1 million vehicles, increasing operating profit margins to more than 6 percent by the end of fiscal 2027 and total shareholder returns of 30 percent. It became more. ,

($1 = 153.2000 yen)

Get information about upcoming cars in India, electric vehicles, upcoming bikes in India and cutting-edge technology that is changing the automotive landscape.

First publication date: 09 November 2024, 10:05 am IST

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Huge jump in demand for automatic transmission cars in urban markets, sales of CVT and AMT models increased.

Huge jump in demand for automatic transmission cars in urban markets, sales of CVT and AMT models increased.

by with No Comment Car Review

New Delhi. Now the demand for automatic transmission (AT) vehicles is increasing rapidly in the country. Despite expensive prices, people are now choosing automatic cars for more comfortable driving experience and better fuel efficiency. These vehicles, once considered luxury, now account for about 26% of the country's mass-market vehicle sales, whereas in 2020 this figure was only 16%. This information has come out from the data collected by Jato Dynamics. Due to increasing traffic in urban and metro cities, people are now turning towards such cars which can move easily in heavy traffic.

According to this data, one out of every three cars sold in the top 20 cities of the country is now with automatic transmission. However, they cost ₹60,000 to ₹2 lakh more than manual cars. Nevertheless, the increasing demand for automatic cars is closing this gap.

AT option in 83 models
The availability of AT options in the market is increasing rapidly. Currently there are 83 models in which the option of automatic transmission is being offered. Major automobile manufacturing companies like Maruti Suzuki, Toyota, Tata Motors, Mahindra & Mahindra, Hyundai and Kia are promoting their AT models.

Honda's success and popularity of CVT
Honda Motors, which offers advanced Continuously Variable Transmission (CVT) in its cars, has more than 50% of the company's total sales coming from automatic vehicles. According to Honda, about 60% of the company's cars are sold in CVT variants, because CVT transmission is not limited to only the top variants, but it is also available in the lower variants of all the models.

Honda's line-up includes models like Elevate, City, City e:HEV and Amaze. These automatic transmission cars are not only more fuel efficient, but they offer options ranging from affordable AMT to CVT and high-performance DCT.

Increasing popularity among buyers of every category
The popularity of automatic transmission cars is increasing among people of every age and class. The main reasons for this are believed to be increasing urbanization, increasing income of people and increasing trend towards convenient driving. Car manufacturers are expecting this trend to increase further.

still dependent on imports
Although demand for automatic transmissions has increased, Indian carmakers are still importing most of the automatic gearboxes. Due to this, the cost of automatic cars increases and by the time they reach the customers, cars with automatic gearbox become expensive. However, companies like Maruti Suzuki and Mahindra have localized AMT production, making automatic cars more accessible in the budget segment.

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FIRST PUBLISHED: October 13, 2024, 13:51 IST

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Rural demand & SUVs propel India’s record-breaking car sales in FY24

Rural demand & SUVs propel India’s record-breaking car sales in FY24

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By: HT Auto Desk
| Updated on: 02 Apr 2024, 07:01 AM

Rapid surges in SUV sales have propelled the growth in rural market sales for all the carmakers in India, while demand for small cars has slumped sign

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Rapid surges in SUV sales have propelled the growth in rural market sales for all the carmakers in India, while demand for small cars has slumped significantly.

Rural India emerged as the driving force behind the record-breaking sales of passenger vehicle sales in FY24. After registering 41.2 lakh passenger vehicles in the CY23, now the Indian auto industry has sold 40 lakh PVs for the first time in a financial year in FY2024, reported Mint. Interestingly, this growth came despite the sliding numbers of hatchbacks, which conventionally remained the driving force behind the Indian passenger vehicle market as well as the rural PV sales.

The report has stated that in FY24, the Indian passenger vehicle market registered a total of 42.3 lakh units and one in every two cars sold in the country were SUVs. The overall passenger vehicle market in the country witnessed an 8.7 per cent year-on-year (YoY) growth over the 38.9 lakh cars sold in the previous financial year, which was another record for the Indian auto industry. Clearly, the sales of the passenger vehicles are on the momentum of creating incremental growth records over the last two financial years.

All OEMs register record rural sales

All the major car manufacturers in India reportedly witnessed all-time-high sales in rural markets in the last financial year. The demand and sales in the rural markets even overtook the urban markets, where the most preferred vehicles are SUVs.

Speaking on the rural demand and sales of Maruti Suzuki, the country’s most-selling passenger vehicle brand, Shashank Srivastava, executive committee member of Maruti Suzuki, said that sales for the OEM in the rural market were 7.87 lakh units, registering an 11 per cent YoY growth. He added that it was much better than the OEM’s urban market growth. “Rural sales of 7.87 lakh units this year, a growth of 11% year-on-year, have been much better than urban growth. Rural growth for the year is about 11% and urban growth is about 7%. And so, this is the highest-ever rural sales that we saw, which also should be a very good signal for the economy,” Srivastava said.

The second bestselling carmaker in India, Hyundai, attributed the rise in rural sales to multiple factors such as infrastructure development, increased access to information, and improved road quality across the country. Tarun Garg, Chief Operating Officer of Hyundai Motor India, said that rural sales for the OEM, for which SUVs account for more than 60 per cent of its total sales, reached a record 19.44 per cent in FY24, up from the previous year’s 18 per cent. This means that nearly one in every five Hyundai cars sold in India in FY24 were sold in rural areas. This signified a burgeoning consumer base beyond urban markets.

For homegrown auto major Tata Motors, rural sales contribute around 40 per cent to the OEM’s total sales. In the past five years, Tata Motors claims to have witnessed a five-times increase in rural market growth. The report quoted a Tata Motors spokesperson revealing that models like Tata Nexon, Punch and Tiago were the company’s highest-selling passenger vehicles in the rural markets in FY24. The OEM also attributed this sales surge to models like Punch CNG and Tiago EV.

What’s driving the surge in rural PV sales

The SUV segment in the Indian passenger vehicle market has been growing at a rapid pace over the last couple of years and it was no different in FY24. In the last fiscal, one in every two passenger vehicles sold in India, were SUVs, becoming the driving factor behind the overall PV sales growth as well as the rural market also. The segment reportedly registered its sharpest growth of 28 per cent in the last fiscal, while sales of hatchbacks or small cars accounted for 28 per cent of the total PV sales volume. The sales of hatchbacks witnessed a 12 per cent slump in the just concluded fiscal, compared to the FY23.

This comes as a major shift in trend. Earlier, the rural markets mostly preferred small cars at the entry level, but over the last couple of years that seems to have changed with aspirations of rural consumers also rising. Speaking on this, Shashank Srivastava said that the percentage sales of smaller cars is still higher in rural areas, but the overall segment construct of the markets is converging. Key factors such as rising rural incomes, higher internet penetration and connectivity are leading this change, Srivastava said. He also said the exponential growth in rural sales isn’t an isolated phenomenon, but a culmination of various factors fostering economic buoyancy in the countryside. “There seems to be a convergence in the segment choices of the rural and the urban consumers with a small lag of time,” the Maruti Suzuki official added.

First Published Date: 02 Apr 2024, 07:01 AM IST


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Automakers hope to end FY24 on a positive note, shorter waiting periods ahead

Automakers hope to end FY24 on a positive note, shorter waiting periods ahead

by with No Comment Electric vehicles cars

By: HT Auto Desk
| Updated on: 03 Mar 2024, 16:31 PM

  • Sales of passenger vehicles and two-wheelers posted a strong growth in February 2024.
Sales of passenger vehicles and two-wheelers posted a strong growth in February 2024.

The inordinately long waiting periods for passenger vehicles may be ending as the carmakers continued to produce a record number of vehicles in February 2024, building up stock in their respective dealerships, claimed a report by LiveMint. The increasing retail demand has been playing a crucial role for the automakers to push for higher vehicle production.

The report further stated that the carmakers in India are keeping a close watch on market demand, as inventories, which have already reached 26 days, are likely to pile up in the dealerships with the OEMs having been able to cater to the pending orders and incremental sales depending solely on the pace of fresh demand.

Passenger vehicles to see lower waiting period

The report quoted India’s largest carmaker Maruti Suzuki’s Senior Executive Director Shashank Srivastava revealing that the Indian passenger vehicle industry expects to finish the current financial year with an 8.1 per cent growth rate at 42 lakh units.

In February 2024, the passenger vehicle segment in India recorded wholesales of 373,177 units as opposed to 335,324 units registered in February 2023, marking an 11.3 per cent year-on-year growth, Srivastava said. However, the retail numbers are lower than the wholesale figure, estimated to be around 335,900 units registered last month as compared to 301,900 units recorded in February 2023, which also registered an 11.3 per cent growth. However, the difference between wholesale and retail numbers was about 40,000 units, which have been added to the stock, revealed the Maruti Suzuki top official.

He also said that the stock level is now at 300,000 units, which is around 25-26 days of stock in the industry. “So far since July of last year, we have seen pending bookings significantly come down and stock in the channel had come down. But not only is it pretty high again, the luxury for OEMs to push wholesale against retail is not there anymore,” Srivastava reportedly said, further adding, “We saw that rural growth cumulatively was at 11.7 per cent between April and February, higher than growth in urban sales at eight per cent.”

SUVs driving growth in PV segment

SUVs have been driving demand and sales in the Indian passenger vehicle market, just like the rest of the global market. In February 2024 as well, SUVs accounted for more than 50 per cent of all passenger vehicle sales in India. Industry experts reportedly expect the SUV segment to contribute more than half of total passenger vehicle sales in the current financial year.

The launch of a host of new models in the last few months, and improved availability on the back of the eased supply chain have helped the automakers to post a strong growth in this segment.

Two-wheelers clock strong double-digit growth

Major two-wheeler manufacturers such as Hero MotoCorp, TVS Motor Company and Bajaj Auto have clocked a strong double-digit growth in February 2024, compared to the same month a year ago. However, registrations of two-wheelers grew at a much slower pace in February this year, at 13.2 per cent, claimed the report. This resulted in inventory addition at showrooms. The report also claimed that in the premium segment, higher demand helped Royal Enfield post a wholesale growth of a mere five per cent, whereas retail registrations shrank 1.3 per cent last month, compared to February 2023.

In the electric two-wheeler segment, sales remained flat in February 2024, reflecting a stagnation in demand. The report claimed that registrations of high-speed electric two-wheelers were up by 24 per cent on a year-on-year basis in February 2024. This was due to the extra day in February because 2024 is a leap year. However, the registrations in this category were flat last month compared to January at 81,963 units.

First Published Date: 03 Mar 2024, 16:31 PM IST


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