High 5 Worst Performing Automotive Manufacturers in October 2024 YoY MoM Honda Kia Maruti Suzuki Lead the Losses All Particulars

High 5 Worst Performing Automotive Manufacturers in October: In October 2024, India’s automotive market witnessed a mean progress through the festive season. The automobile business noticed much less progress than anticipated, however right here too not all manufacturers loved equal success. Whereas many manufacturers witnessed good gross sales as a consequence of Diwali and Dussehra, some fashionable automobile producers confronted challenges as they reported decrease gross sales this 12 months as in comparison with final 12 months and even final month. Citing information collected by Rushlane, right here we check out the highest 5 manufacturers whose year-on-year (YoT) and month-on-month (MoM) efficiency has declined probably the most.

High 5 Manufacturers with the Largest YoY Decline

Honda: Honda noticed its steepest year-on-year decline in October 2024 as its gross sales fell by a whopping 41%. Gross sales declined from 9,400 items to five,546 items in October 2023. Regardless of festive demand, Honda struggled with stock points and fewer new fashions, inflicting its market share to drop to simply 1.4%.

Kia: Kia suffered a decline of 6.6% year-on-year. Whereas the corporate offered a complete of twenty-two,753 items in October 2024, the determine in October 2023 was 24,351 items. Its market share declined to five.7%. The rationale for this might be the rise in competitors as a consequence of good reductions in mid-range SUVs by different manufacturers and the launch of recent fashions. That is the section the place Kia usually leads.

Skoda: Skoda reported a ten.7% YoY decline in gross sales from 4,566 items in October 2023 to 4,079 items in October 2024. This decline in gross sales has come regardless of enchancment in month-to-month efficiency.

Jeep: Jeep’s annual efficiency noticed a decline of 16.4%, with gross sales falling from 507 items in October 2023 to 424 items this October. The model has struggled to draw new patrons.

Maruti Suzuki: Regardless of being the market chief, Maruti Suzuki’s 5% annual decline is stunning. This 12 months the corporate has offered 1,59,591 items. Though Maruti has retained the most important market share, it has seen elevated competitors and stock points. Market share has fallen from 43% in October 2023 to 40.1% now.

High 5 Manufacturers with the Largest MoM Decline

Kia: Kia suffered a 3.3% MoM decline, promoting 22,753 items in October 2024 in comparison with 23,523 items in September 2024. With market share falling to five.7%, this month-on-month decline signifies challenges confronted by the model in retaining patrons.

Honda: Honda noticed a 2.3% MoM decline, with gross sales falling from 5,678 items in September 2024 to five,546 items in October 2024.

Citroën: Citroën’s MoM gross sales declined by 4.7% from 752 items in September 2024 to 717 items in October 2024. It seems that the Citroen Basalt is going through difficulties in impressing prospects.

Renault: Renault noticed a 1.3% MoM decline from 3,930 items in September 2024 to three,870 items in October 2024.

Jeep: Regardless of 16.2% MoM progress, Jeep nonetheless stays on the listing as a consequence of low total gross sales numbers. Solely 424 items have been offered in October.

In October 2024, manufacturers like Honda, Kia and Maruti Suzuki recorded enormous year-on-year declines, reflecting India’s fierce competitors. Attributable to stock build-up, lack of recent mannequin launches and competitors from manufacturers providing fashionable mid-range SUV fashions, these manufacturers skilled a stunning decline in gross sales.