Passenger vehicle sales in India in the fiscal year 2023 have surpassed the pre-pandemic high for the first time.

Domestic passenger vehicle sales stood at 38.89 lakh, the highest ever surpassing the previous peak of 33.77 lakh in FY18. The industry registered a growth of 26.7 per cent over last year’s sales of 30.69 lakh.

Both wholesale and retail figures are the highest witnessed in the industry.

Maruti Suzuki IndiaLimited (MSIL) executive director Shashank Srivastava said the industry is projected to touch the 40-lakh sales mark in the next financial year. Projections for next year are between 41 lakh to 45 lakh with a growth of 5 per cent to 7 per cent.

MSIL sold a total of 1,70,071 units in March 2023. Total sales in the month include domestic sales of 136,787 units, sales to other OEM of 3,165 units and its highest-ever monthly exports of 30,119 units.

Hyundai Motor India Ltd, too, posted its highest-ever annual total sales volume (domestic plus exports) of 7,20,565 units in FY23 with a YOY growth of 18 per cent.

Toyota Kirloskar Motor (TKM) recorded its strongest domestic wholesales in the last 10 years in FY23 by selling 1,74,015 units. The company witnessed a growth of 41 per cent over the last FY when it sold 1,23,770 units.

Kia India sold 74,735 cars in the last quarter of FY23, increasing its market share to 7.4 per cent.

In March, Kia sold 21,501 units in the domestic market. Kia India exported 85,754 units in FY23.

Honda Cars India Ltd registered annual domestic sales of 91,418 units during FY23, recording 7 per cent growth over the last financial year.