India’s carmakers have closed out a record October, with festive-season demand pushing Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Hyundai Motor India to their highest-ever monthly sales. The figures, reported by the companies on Sunday, 1 November, show an industry riding a wave of Navratri, Dussehra and pre-Diwali buying — even as high fuel prices and squeezed profit margins complicate the picture.
Maruti Suzuki India led the surge with its highest-ever monthly sales of 2,76,120 units, up 25 per cent year-on-year from 2,20,894 units in October last year. Domestic sales, including supplies to other manufacturers, rose 19.3 per cent to 2,26,248 units, while exports jumped 59.3 per cent to 49,872 units. Domestic passenger vehicle dispatches alone rose more than 20 per cent to 2,12,384 units.
Tata Motors Passenger Vehicles reported a 23 per cent rise in total sales to 75,426 units, its first month above 75,000, with domestic sales up 21 per cent to 73,894 units. Electric vehicles were a standout for Tata: 16,244 EVs sold in October, up 75 per cent, making up about one in five of its monthly passenger vehicle sales. Mahindra & Mahindra recorded its highest-ever monthly vehicle sales, with total volumes up 9 per cent to 1,31,109 units and domestic SUV sales at a record 73,338 units.
Hyundai Motor India reported its highest-ever monthly sales, including exports, with total volumes up 17.7 per cent to 82,299 units. Domestic sales rose 16.7 per cent to a record 62,799 units, while exports grew 21.1 per cent to 19,500 units. JSW MG Motor India added a 19 per cent rise in wholesale dispatches to 8,013 units, and Kia India posted its highest-ever monthly sales of 33,462 units.
Timing explains part of the strength. This year Navratri and Dussehra fell in October, and many buyers took delivery before Diwali on 8 November. Dealers also built up stock ahead of the main festive weeks. Maruti said it had about 2 lakh orders still waiting to be filled at the end of September, with dealer inventory of only about 17 days — evidence that demand, not discounting, drove the numbers.
Rising fuel costs are showing up in what buyers choose. With petrol above Rs 110 a litre in many cities, Tata’s EV surge and Maruti’s strong CNG demand suggest buyers are doing the maths on running costs. The higher upfront price of an EV is paid back faster through fuel savings, and the festive season gave many households the occasion to make the switch.
The record volumes come with a caveat. October’s figures are wholesale dispatches to dealers, not retail registrations, and the real test arrives with November’s registration data — whether dispatches turned into cars in customers’ driveways or are sitting in dealer stock. Carmakers also face a margin squeeze: Maruti’s September-quarter profit fell 27 per cent as raw material costs rose 48 per cent, and Hyundai’s fell 24 per cent. Record volumes help spread fixed costs, but they do not solve the margin problem alone. For now, though, the message from October is unambiguous: Indian car buyers are still buying.
