Honda October 2023 Sales Tale – Unwrapping the Story
Honda October 2023 sales data sheds light on the company’s performance during the festive season. This report closely examines the numbers, providing insights into sales (domestic and export) for October 2023 compared with YoY, and MoM changes. These insights are crucial for understanding Honda’s performance and market dynamics during this period.
In October 2023, Honda sold 9,400 units of vehicles in the domestic market. This number reflects a slight YoY decline of 1.50 percent. In October 2022, HCIL sold 9,543 vehicles. Despite this minor decrease, Honda domestic sales remained steady, showing resilience in the face of market fluctuations.
Jet-Setting Honda: The Global Triumph of October 2023 Sales
However, when considering the MoM sales figures, there was a more noticeable decline. In September 2023, Honda had sold 9,861 vehicles, but in October 2023, this number decreased by 4.67 percent, resulting in 461 fewer units sold. This drop in MoM sales can be attributed to festive fluctuations, which typically sees a surge and drop in automotive purchases to coincide with pre-ordained dates. Nonetheless, the overall performance of Honda in the domestic market remains robust and close to the 10k units pm mark. , Particularly with their new SUV, the Honda Elevate, gaining traction among customers.
In the export segment, Honda saw a remarkable increase in sales. In October 2023, the company exported 3,683 units. A substantial growth of 119.49 percent compared to October 2022, when they exported 1,678 units. This boost in export numbers signifies Honda’s competitive presence in the global market
Sales Surge: October 2023 vs. October 2022
When we analyse the total sales, which encompass both domestic and export numbers, the company achieved an impressive 16.59 percent YoY growth. In October 2023, total sales reached 13,083 units, compared to 11,221 units in October 2022, which is a difference of 1,862 units. This growth is particularly noteworthy, considering Honda’s sales numbers in the previous quarter.
Strong demand for Honda vehicles in India, including popular models like the Honda City and Amaze, is evident during the festive season. Honda’s extensive network of dealerships across the country played a crucial role in ensuring that customers had access to their dependable high-quality and premium cars.
SUV Sensation: How Honda Elevate is shaping Sales
The current upswing in Honda sales, demonstrates the company’s resilience and ability to thrive even in the face of challenges. With innovative new offerings like the Honda Elevate and a sustained commitment to quality, Honda remains a remarkable player in the automotive market.
Yuichi Murata, Director, Marketing and Sales, Honda Cars India Ltd said,”There is a strong demand during the festival period with incredible response for our new model Honda Elevate from our customers. We are actively working to meet the strong demand for Elevate. The Honda City and Amaze models have also maintained their good performance.”
