Elevate, Amaze, City Assist Honda Car India Register 17% YoY Sales Growth in October
Honda has released its October 2023 sales figures in India. 9,400 units were sold domestically, a slight decline of 1.5 percent. As compared to the 1,678 units shipped abroad in October 2022, Honda Cars India exported 3,683 units in October 2023.
Honda Cars India reported a modest monthly domestic sales figure of 9,400 units in September 2023. This number has prompted considerable surprise, given that Honda has recently re-entered the compact SUV market with the Elevate in India. The company's export numbers went up significantly, from 1,678 in October 2022 to 3,683 in the same month the following year. A total of 11,171 units were sold by Honda in March, with 9,861 sold in India and 1,310 sold overseas. Honda still expects sales to increase as a result of the approaching Dhanteras and Diwali holidays.
When looking at sales data on a monthly basis, however, a clearer fall emerges. While Honda sold 9,861 cars in September 2023, that amount dropped by 461 in October of that year. Monthly sales have dropped, although this is to be expected during holiday seasons when demand for cars peaks around certain times and then drops off again. However, Honda's domestic performance as a whole continues to be strong, with annual sales around the 10,000-unit mark. Honda's latest crossover SUV, the Elevate, is selling well, which bodes well for the company's future.
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Mr. Yuichi Murata, Director of Marketing and Sales at Honda Cars India Ltd said, "Honda Cars India is amid an exciting phase with the launch of the all-new Honda Elevate. The new SUV has emerged as a frontrunner and is contributing significantly to the sales momentum during this festive season. The Honda City and Amaze also continue to perform well in their respective segments."
He further added, "The auto industry is experiencing strong demand at the beginning of the festive season. With an extended festive period this year, we expect this momentum to continue, which is very encouraging."
Honda to Focus Only on SUVs in India
Toshihiro Mibe, President, CEO, and Representative Director of Honda Motor Company, has announced that Honda Cars India will exclusively introduce new SUVs to the domestic market. The long-awaited entry of Honda, a storied Japanese automaker, into the SUV market has arrived in the form of the Elevate midsize SUV. Previously, the Amaze and City sedans were the primary contributors to the company's revenue.
Watch: 2023 Honda Elevate vs Hyundai Creta vs Kia Seltos vs Toyota Hyryder | Best SUV Under 20 lakh | autoX
Mibe reaffirmed Honda's goal of reaching carbon neutrality worldwide by 2040 and described the company's strategy to get there. Especially in light of recent developments in the electrification of cars and two-wheelers, he saw the increasing significance of the Indian market for Honda. Honda Cars India President Takuya Tsumura stated that the company plans to launch five SUV models in India by the year 2030, one of which will be an electric vehicle built on the Elevate platform.
Honda is placing great trust in the Elevate, establishing it as a strong contender against rivals like the Kia Seltos, Hyundai Creta, Maruti Suzuki Grand Vitara and others. During the second half of the current fiscal year, Elevate is playing a crucial role in helping the company achieve good sales in the Indian market.
