Auto Sales: How did Maruti, Tata Motors, Hero Moto perform in March 2023?

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March 2023 Auto Sales

The first quarter of 2023 was a good quarter for the automobile industry. Also, the financial year marked decent growth - the passenger vehicle market registered annual sales of 28.8 lakh units, with a growth of 26.7%. The numbers are the best in more than a decade that the sector has seen. 

The financial year growth was led by March sales, where the companies sold 3.36 lakh units - compared to 3.22 lakh units sold in March 2022 - again, the highest ever industry sale in March. 

Among the key players, Maruti Suzuki reported 21% growth, while Tata Motors reported a 45% jump year on year - the highest in the passenger vehicle category. In the two-wheeler category, Royal Enfield reported maximum YoY growth of 39%. In the commercial vehicle space, Eicher was the clear winner with 54% YoY growth.

Let us look at the details now - how did major automobile players perform in March 2023?

Passenger Vehicle Sales in March 2023

SalesMarch 2023March 2022% Change (YoY)
Maruti Suzuki1,70,0711,70,395-0.19%
Tata Motors44,04442,3504%
Mahindra & Mahindra35,99727,69030%
Kia India21,50122,622-4.96%
Toyota Kirloskar18,67017,1318.98%

Maruti Suzuki Car Sales March 2023 - India's largest carmaker, reported flat growth in its passenger vehicle (PV) YoY to 170,071 units in March. In March 2022, the company sold 170,395 units. Sequentially, the sales decreased from 1,72,321 units in February. Total sales in March included domestic sales of 136,787 units, sales to other OEMs of 3,165 units, and its highest-ever monthly exports of 30,119 units.

For FY23, the shortage of electronic components had some impact on the production of vehicles. The company took all possible measures to minimize the impact. For FY23, the company posted its highest-ever total sales of 1,966,164 units. 

Sales of mini cars, including Alto and S-Presso declined to 11,582 units, against 15,491 in the same period last year. Similarly, sales in the compact segment, including models such as Swift, Celerio, Ignis, Baleno, and Dzire, decreased to 71,832 units against 82,314 cars in March 2022. Utility vehicle sales, including Brezza, Ertiga, S-Cross, XL6, and Grand Vitara, jumped to 37,054 units from 25,001 vehicles in the year-ago period.

Hyundai Car Sales March 2023 - The company recorded a total (domestic + exports) sales increase of 11.2% in March 2023 compared to last year. Hyundai reported 55,287 domestic sales in March 2023, compared to 44,600 cars in the same month last year. Sequentially, domestic sales were relatively higher - 47,001. Exports improved by 1.99% YoY to 10,900 units in March 2023 from 10,687 units exported in March 2022.

The company registered its highest-ever domestic sales of 5,67,546 units in FY23 relating to a YoY growth of 17.9%. Exports also improved in FY23 by 18.4% to 1,53,019, up from 1,29,260 units sold in FY22.

There was a high demand for models such as the Creta, New Venue, Alcazar, Tucson, Aura, and Grand i10 Nios, and therefore waiting period has stretched up to 24 weeks for the petrol variant and upto 32 weeks for the Creta diesel.

Tata Motors Car Sales March 2023 - The third-largest car manufacturer in India sold 44,044 passenger vehicles in India in Mar’23, a growth of 4% year-on-year. Sequentially, the total PV domestic sales increased from 42,862 units.

In the PV IB segment, Tata Motors sold 181 units, a massive growth of 5% year-on-year. The company’s electric vehicle PV business in March continues to grow at a good rate. Tata Motors sold 6,509 EVs in March 2023, registering an 89% year-on-year growth. In the year-ago period, it sold only 3,452 EVs.

Tata Motors crossed the significant landmark of 50,000 EV sales in FY23 to post a significant growth of 154% over FY22.

Mahindra & Mahindra Car sales March 2023 - The company continues to see strong demand in its passenger vehicle segment. The company sold 35,997 units under the PV category, a growth of 30% year-on-year. The cars and vans sales declined by 91% under PV. 

The company closed the year with a growth of 50% for the auto sector on an annual basis and the highest-ever numbers, in almost all business segments. The SUV business recorded all-time high numbers, with a growth of 31% in March 2023, while it recorded a 60% overall growth in FY23, on the back of good demand across the portfolio.

Two Wheeler Sales in March 2023 in India

SalesMarch 2023March 2022% Change
Hero Motocorp5,19,3424,50,15415.50%
TVS Motor3,07,9182,92,9185.12%
Royal Enfield72,23567,6776.73%

Hero Motocorp Sales Figures March 2023 - With total sales of 519,342 units of motorcycles and scooters in March 2022, the company registered a growth in sales of 15.5% over the same month of last year when it sold 450,154 units. Motorcycles commanded a 93.5% share in March 2023, down from 94.6% held in Mar '22. Scooter sales increased year-on-year to 33,446 units in March 2023 from 24,433 units sold in Mar'22. Domestic sales increased, but exports reduced to half compared to last year. 

This month, redefining the scooter category and charting the next phase of its tech-enabled journey in the scooter segment, Hero MotoCorp, launched the new scooter – Xoom. Hero Xoom scooter is available at Hero MotoCorp dealerships across the country at an Introductory Price of Rs 68,599.

For FY23, the company sold 53,28,546 units, registering a healthy growth of 8% over the corresponding period of the previous fiscal (FY22), when it had sold 49,44,150 units. 

TVS Sales March 2023 - For TVS, a total of two-wheelers registered a growth of 5%, with sales increasing from 292,918 units in March 2022 to 307,918 units in Mar'23. Domestic two-wheelers registered a growth of 22%, with sales increasing from 196,596 units in March 2022 to 240,780 units in March 2023.

Motorcycles registered sales of 141,250 units in March 2023 as against 160,522 units in March 2022. Scooter sales registered a growth of 5%, with sales increasing from 94,747 units in March 2022 to 128,817 units in March 2023.

Commercial Vehicle Sales in March 2023 in India

Tata Motors - Total domestic Commercial Vehicle sales for March 2023 stood at 45,307 units compared to 44,425 units in Mar'22, a growth of 2%. Domestic sales of M&HCV in March 2023 stood at 15,963 units, compared to 14,499 units in March'22. Sales for CV exports declined from 2,625 units on Mar'22 to 1,516 units in March 2023, a decline of 42% YoY.

In FY23, the commercial vehicles sold by Tata Motors was 4,13,539, up from 35,6972 units sold in FY22, a growth of 16%.

Mahindra - In the Commercial Vehicles segment, Mahindra sold 3,385 LCV < 2T (11% decline year-on-year), 17,428 LCV 2T - 3.5T (15% growth year-on-year), and 1469 LCV > 3.5T + MHCV (77% growth year-on-year) in March 2023. Three-wheelers, including electric 3Ws sales, stood at 5,697 in March 2023, a growth of 41% YoY. 

Tractors Sales in March 2023 in India

SalesMarch 2023March 2022% Change
Mahindra & Mahindra35,01429,76317.64%
Ashok Leyland14,39912,16118%

Escorts - Escorts' domestic tractor sales stood at 9,601 tractors in March 2023, registering a growth of 1.2% as against 9,483 tractors sold in March 2022. Export tractor sales in March 2023 were at 704 tractors as against 591 tractors sold in March 2022.

This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.

  • How did the automobile industry perform in March 2023?

  • How many passenger vehicles were sold in FY23?

  • How many passenger vehicles did Maruti sell in Mar’23?

  • How many electric vehicle TVS sold in March 2023?