Indian passenger car market suffered its worst sales drop during the February month of ongoing 2012-13 fiscal year. The February sales numbers are somehow completely different from that recorded in the year-ago period, where the top auto makers witnessed their best performance of 2011-12 fiscal. Maruti Suzuki, Hyundai and Tata Motors, the country's largest car makers, reported dipping sales in February '13, whereas Mahindra and Renault witnessed growth.
Maruti Suzuki India Limited (MSIL), the country's favourite passenger car maker, registered a 9 per cent drop in sales during February '13. Sources suggest that the company has revised its growth projection for 2013-14 fiscal. The sales of Hyundai Motor India Limited (HMIL), the country's second largest passenger car maker, dipped by 7.6 per cent, but saw their exports jumping by 37 per cent.
Commenting on the February sales recorded by the company, Rakesh Srivastava, Vice President (VP), Sales and Marketing, Hyundai Motor India, was quoted as saying, “The market was depressed. There was a drop in enquiries with lower rate of conversions to purchase. The increase in fuel prices negatively impacted the already low market sentiments. We expect the challenge to continue in the next quarter following these moves in the Budget.”
Tata Motors, India's third largest passenger car manufacturer, reported its worst decline in the ongoing fiscal, with a 70 per cent plunge in February 2013. The company could not reveal the reasons for the big sales drop. Toyota Kirloskar Motor Private Limited (TKMPL), an Indo-Japanese joint venture between Kirloskar Group and Toyota Motor Corp., saw its domestic sales dropping by 23 per cent during February 2013. Sandeep Singh, Dy. Managing Director (MD) and Chief Operating Officer (COO), Marketing and Commercial, TKMPL, said, “The market continues to remain sluggish and with the additional excise duty levied on sports utility vehicles and utility vehicles, the market will be further impacted.”