New Delhi, March 4 (IANS): Auto sales trends remained positive in February 2024, with passenger vehicles and two-wheelers showing growth, while commercial vehicles and tractors struggled, according to a report by Kotak Institutional Equities.
The passenger vehicle segment saw a low double-digit improvement year-on-year, while domestic two-wheeler wholesale volumes increased by more than 20 percent, driven by a rural recovery. Commercial vehicle and tractor segment volumes, however, declined in February.
Domestic passenger vehicle industry wholesale volumes rose in the low double digits, with Maruti Suzuki’s domestic volumes increasing by 9 percent year-on-year. Tata Motors reported a 19 percent growth in PV volumes, M&M saw a 40 percent YOY increase, Hyundai Motors grew by 7 percent, and Toyota witnessed a 52 percent growth.
On the other hand, domestic two-wheeler wholesale volumes grew by more than 20 percent, driven by steady demand trends and a favorable base. Exports also saw an uptick in demand, with TVS Motors reporting a 33 percent YOY increase in volumes, Royal Enfield with a 6 percent growth, and Bajaj Auto with a 25 percent increase in two-wheeler volumes during the month.
