CV Retail Sales September 2024 – Tata, Mahindra, Ashok Leyland,

Commercial vehicle retail sales fell year-on-year in September 2024, with slight improvement in month-on-month sales, reflecting poor market sentiment across all segments

Commercial vehicle retail sales fell sharply in September 2024. Overall demand fell due to delayed monsoon and adverse climatic conditions, while government spending on infrastructure projects also hampered growth to a large extent. The division expects better results in the coming months, particularly on the back of new product launches and improved sales in rural markets driven by improving agricultural conditions.

Commercial vehicle retail sales in September 2024 – Tata Motors leads segment

Retail sales in the commercial vehicle segment fell to 74,324 units, a slight month-on-month increase of 1.46% from 73,253 units in August 2024, while year-on-year sales fell 10.45% from 82,993 units in September 2023. The commercial vehicle segment also witnessed a decline with sales in the first half of 2024 falling by 0.65% to 4,77,381 units from 4,80,488 units sold in the first half of 2023.

Commercial vehicle sales in the light commercial vehicle segment fell to 41,715 units, a decrease of 1.84% month-on-month and 11.87% year-on-year from 42,496 units and 47,334 units in August 2024 and September 2023, respectively. In September 2024, MCV sales increased by 4.01% year-on-year to 6,090 units, while HCV sales also decreased by 11.71% year-on-year to 22,941 units.

Tata Motors is the largest seller of commercial vehicles with retail sales of 24,872 units last month. However, this is a significant year-on-year decrease compared to the 29,798 units sold in September 2023. The market share dropped to 33.46% from 35.90% year-on-year.

Mahindra also reported a year-on-year sales decline to 18,666 units last month from 20,747 units in September 2023. However, the company has an innovative new model line-up in the segment that will play a major role in the sales growth in the coming months. Mahindra ZEO EV has been launched with a promised range of 246 km. Mahindra Veero has also been certified with several best-in-class and first-in-class features and a fuel efficiency of 18.4 km/litre.

Ashok Leyland sales fell to 12,519 units last month from 13,351 units in September 2023. However, Ashok Leyland sales increased month-on-month from 11,955 units in August 2024. Followed by VE Commercial Vehicles, ranking fourth with retail sales growth. Sales in the past month increased to 6,011 units from 5,890 units in September 2023.

CV sales below 5,000 units – September 2024

Maruti Suzuki’s retail vehicle sales also declined year-on-year to 3,453 units, down from 3,513 units in September 2023. Daimler’s sales also fell from 1,682 units to 1,518 units year-on-year, although its market share increased slightly from 2.03% to 2.04% year-on-year.

Force Motors reported an increase in retail sales, selling 1,322 units last month, up from 1,269 units in September 2023, while SML Isuzu also increased its retail sales to 913 units in September 2024 from 761 units in the same month last year. There are other commercial vehicle OEMs on this list whose total retail sales increased by 5,050 units, down from the 5,982 units sold in September 2023.