June auto sales live updates – M&M PV sales jump 23%, tractor sales cross 47,000 units

Auto companies will start announcing their sales updates for the month of June from today.

Auto sales figures are expected to be subdued in June as the monsoon season begins. Historically, car sales tend to decline during this period. However, there are some interesting trends and expectations across different sectors and manufacturers.

The two-wheeler segment is unlikely to get any benefit from the wedding season in the month of June, while the passenger vehicle segment is likely to maintain its growth momentum. On a month-on-month basis, the commercial vehicle segment is likely to grow in single digits, while the tractor business may see some improvement compared to the month of May.

Here's a look at how auto companies performed in June:

Mahindra & Mahindra

Mahindra & Mahindra reported an 11% growth in total sales at 69,397 units in June, but this was slightly below market expectations of a little over 72,000 units.

In the UV segment, the company sold 40,022 vehicles, up 23% from last year, while domestic sales of commercial vehicles stood at 20,594 units.

M&M's total exports grew by 4% to 2,597 units compared to last year.

Talking about the tractor business, total sales stood at 47,319 units in June. Domestic sales grew 6% to 45,888 units, while exports of tractors grew 28% year-on-year to 1,431 units.

Hemant Sikka, President, Farm Equipment Sector, M&M, said, “Retail sales have picked up due to increased land preparation and kharif crop sowing, which is expected to keep tractor demand strong in the coming months.”

Bajaj Auto

The two-wheeler and three-wheeler manufacturer and one of the best performers on the Nifty 50 so far in 2024 reported a 5% growth in total sales in the month of June.

Total sales stood at 3.58 lakh units, as against 3.4 lakh units in the same period last year. Domestic sales grew 8% year-on-year to 2.16 lakh units. Exports, however, remained stagnant and grew only 1% to 1.42 lakh units.

Bajaj Auto's commercial vehicle sales grew 16% to 54,831 units from 47,332 units in the same period last year. Two-wheeler sales grew 3% year-on-year due to a drop in exports. However, commercial vehicle exports grew 14%.

Escorts Kubota

Escorts Kubota reported a 2.6% decline in total sales during the month of June at 9,593 units, marginally lower than estimates of 9,650 units.

Exports of tractors in June declined nearly 60% to 234 units compared to the previous June. Domestic sales also remained stable at 9,359 units on a year-on-year basis.

The company said the retail season saw a delayed increase in sales in key markets, but the season would continue for a large part of July.

“With a good monsoon and continued support from the government, including increase in MSP, we expect demand to improve in the coming months,” Escorts Kubota said in an exchange filing.

steel strips wheels

Steel Strips Wheels recorded a growth of 2% in total volumes in June, while the growth in value terms stood at 1%.

Most of the growth, both in volume and value terms, came from the two-wheeler and three-wheeler segment. Tractors also grew by 20%.

Apart from these segments, most other business segments of the company, Passenger Car Alloy, Passenger Car Steel and Exports, were under pressure for the month of June. Exports were down 25% in volume terms and 16% in value terms compared to the same period last year.

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