The auto industry has welcomed the festive season with a bang. Overall the auto industry has reported bumper sales in the month of October with Hero and Hyundai creating records. Hero Moto and Hyundai, India’s top automobile manufacturers reported lifetime high monthly dispatch volumes to dealerships. In total, Hero Motocorp sold 8,06,848 units last month, 35 percent higher than 5,99,248 units sold in October last year.
Demand has been generally been led by positive sentiments in the market, returning of normalcy post-Covid lockdown, and most importantly the festive season of Navratri and Deewali around.
Maruti, the largest car manufacturer in India recorded sales of over 1.6 lakh units in the month of October, an increase of 18% riding on strong demand, and a wide portfolio of hatchback and entry-level cars. Hyundai has been going strong with products such as Creta, Venue, and i10, while Tata Motors has been witnessing a strong resurgence.
Festive offers and regular launch of new models have been keeping the buyers excited and companies hope that this sentiment would continue in the month of November 2020 and beyond also. New models like Kia Sonet and Mahindra Thar have seen a very good demand which has set a very positive tone for the auto industry. The new Thar from Mahindra has set a record within a month of launch.