Mahindra & Mahindra Ltd, India’s leading SUV manufacturer, reported a robust 25% year-on-year growth in domestic SUV sales for October, selling 54,504 units. The company’s overall auto sales, including exports, reached a record high of 96,648 units, reflecting a 20% growth. This strong performance is attributed to rising private consumption and a successful festive season, with the Thar ROXX garnering an impressive 1.7 lakh bookings in its first hour of launch.
Toyota Motor’s global sales declined for the fourth consecutive month in September, driven by a drop in sales across key markets like Japan, the U.S., and China. The automaker attributed the decline to factors like production disruptions from natural disasters and a challenging market environment in China, but also highlighted a continued increase in sales of electrified vehicles.
S&P Global Mobility forecasts a strong 11% year-over-year increase in US light vehicle sales for October, driven by potential automaker incentives and rising EV adoption. With two additional selling days and high inventory levels, the market is poised for growth. The report highlights the growing EV market share, with Tesla aiming for a strong finish to surpass last year’s vehicle delivery volume.
Despite differing projections, both Cox Automotive and JD Power anticipate a modest decline in US new vehicle sales during the third quarter of 2023. While Cox predicts a 2% drop, JD Power forecasts a slight increase, attributing it to a calendar quirk affecting September sales. The report also sheds light on the impact of EV discounts and Tesla’s anticipated performance.
Toyota reported a 3.1% decline in global vehicle sales for August, primarily driven by weak sales in Japan and China. However, the company saw an increase in the US market, thanks to the popularity of the new Camry. Toyota’s EV sales continued to grow, with a 23% increase compared to August 2023.
Mazda Canada Inc. (MCI) announced record August sales, achieving a 57.4% increase compared to August 2023. The strong performance was fueled by the popularity of its SUV lineup, particularly the CX-5, CX-50, and CX-90 models, which all saw significant sales growth. Year-to-date sales also saw a substantial increase of 26.6% compared to the same period last year.
Toyota, the world’s top-selling automaker, has experienced a 10% decline in sales in China, Hong Kong, and Macau during the first seven months of 2023. The company attributes this drop to fierce price competition and challenging market conditions. Despite implementing sales enhancement measures, Toyota struggled to match last year’s figures. This decline comes as the Chinese EV market witnesses intense competition with price wars impacting profit margins.
