Honda’s June 2023 Sales: A Dip, but Momentum to Build with Elevate Compact SUV Launch
In the highly competitive automotive industry, sales figures serve as a vital measure of a company’s success. In June 2023, Honda recorded sales of 5,080 units. This marks a 35.15 percent decline compared to the same period the previous year. At the moment, Honda Cars India has a threadbare portfolio made of 2 carlines. The manufacturer is geared up to launch its compact SUV Elevate soon.
Compared to June 2022, where Honda sold 7,834 units, the current sales figure represents a 2,754 unit decrease. However, it is worth noting that MoM sales fared better on low base sales. MoM numbers are reported at 9.01 percent growth, up from 4,660 units sold in May 2023, indicating a positive momentum.
Honda’s 15.59% Decline in Export Sales for June 2023
Analysing the sales distribution, 5,080 units were sold domestically in June 2023. That’s a sales decline of more than a third in volume. On the export front, Honda shipped 2,112 units, showing a decline of 15.59 percent compared to June 2022. Combining domestic and export sales, Honda’s total sales for June 2023 amounted to 7,192 units, a 30.42 percent decrease compared to the same month the previous year.
The second quarter of 2023 proved to be a challenging period for Honda in terms of sales. The company recorded total sales of 15,053 units, representing a decline of 37.01 percent compared to the same period in 2022.
Q2 2023 vs. Q2 2022: Significant Drop in Sales
Compared to Q2 2022, where Honda sold 23,896 units, the company experienced a significant decrease of 8,843 units. Furthermore, when comparing Q2 2023 to the previous quarter (Q1 2023), which had sales of 20,599 units, Honda faced a 26.92 percent decrease or a difference of 5,546 units.
Analysing the sales performance for the first half of 2023, Honda’s total sales amounted to 35,652 units. However, this figure represents a decline of 25.88 percent compared to the same period in 2022, with a difference of 12,447 units.
Resilience in a Competitive Market
While the numbers indicate a challenging period for Honda, it is essential to highlight the company’s strengths and its potential for future growth. Honda’s commitment to producing high-quality vehicles renowned for their reliability, fuel efficiency, and innovative features continues to resonate with customers.
Looking ahead, Honda is poised to navigate the evolving automotive landscape by leveraging advancements in technology and customer feedback. As conditions improve, Honda can capitalize on its strong reputation and commitment to excellence to drive growth.
Yuichi Murata, Director, Marketing and Sales, Honda Cars India Ltd said, “Our sales in June are in line with our projections and met our planned targets. After the global unveiling of our latest SUV for India Honda Elevate last month, we are getting overwhelming interest for the new model. We will soon commence the prelaunch booking for Elevate and it will be launched during festive season.”
