Hyundai comfortably beats Tata to remain second largest carmaker in India in FY24

Hyundai Motor India, the Indian arm of the South Korean auto giant, easily beat homegrown auto major, Tata Motors, in terms of domestic passenger vehicle (PV) volumes to remain the second-largest carmaker in India in FY24.

Both Hyundai and Tata continued their strong run, registering the highest-ever annual PV wholesales in the domestic market in FY24. The two companies posted record volumes in FY23 as well.

Hyundai's despatches to its dealerships increased 8.3% year-on-year (y-o-y) at 614,721 units in FY24 from 567,546 units in FY23. The SUVs contributed 63% to the carmaker's domestic wholesales last fiscal.

The domestic PV volumes of Tata rose 6% y-o-y at 570,955 units in FY24 from 538,640 units in FY23. This was the third consecutive year of the highest-ever PV wholesales for the company.

Source — Companies

An important point to be noticed here is that Hyundai was also able to widen the gap with Tata in FY24 in comparison to FY23. While the Creta-maker was 28,906 units ahead of the Nexon-maker in FY23, it led by 43,766 units in FY24. This was mainly achieved through capacity expansion at Hyundai's Chennai plant.

Among the top-selling models for Hyundai in FY24 were the Creta, Venue, Exter, Grand i10 Nios and i20. Tata's best-selling models during the fiscal were the Nexon, Punch, Tiago and Altroz.

Tata claimed that its CNG models and electric vehicles (EVs) contributed nearly 29% to its overall wholesales.