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Maruti Suzuki India achieved record sales in October, selling 2,02,402 cars thanks to festive demand. Now, the automaker is looking to the bustling wedding season in November to keep the momentum going. With numerous marriages planned across the country, Maruti Suzuki anticipates a continued surge in car purchases.
Maruti Suzuki Banks on November Weddings to Boost Car Sales in India
Maruti͏͏ Suzuki͏͏ India,͏͏ the͏͏ nation’s͏͏ largest͏͏ carmaker,͏͏ reported͏͏ record͏͏ retail͏͏ sales͏͏ of͏͏ 202,402͏͏ units͏͏ in͏͏ October,͏͏ marking͏͏ its͏͏ highest͏͏ ever͏͏ for͏͏ the͏͏ month.͏͏ This͏͏ surge͏͏ was͏͏ driven͏͏ by͏͏ strong͏͏ festive͏͏ demand.͏͏ Looking͏͏ ahead,͏͏ the͏͏ company͏͏ is͏͏ focusing͏͏ on͏͏ the͏͏ upcoming͏͏ wedding͏͏ season͏͏ in͏͏ November͏͏ to͏͏ maintain͏͏ this͏͏ growth͏͏ trajectory,͏͏ as͏͏ per͏͏ PTI.
November͏͏ is͏͏ shaping͏͏ up͏͏ to͏͏ be͏͏ a͏͏ busy͏͏ month͏͏ for͏͏ weddings͏͏ in͏͏ India.͏͏ Partho͏͏ Banerjee,͏͏ Senior͏͏ Executive͏͏ Officer͏͏ of͏͏ Marketing͏͏ and͏͏ Sales͏͏ at͏͏ Maruti͏͏ Suzuki͏͏ India͏͏ Ltd,͏͏ mentioned͏͏ to͏͏ PTI͏͏ that͏͏ “a͏͏ few͏͏ lakhs”͏͏ of͏͏ marriages͏͏ are͏͏ slated͏͏ for͏͏ this͏͏ month.͏͏ He͏͏ noted,͏͏ “There͏͏ are͏͏ about͏͏ 11͏͏ or͏͏ 12͏͏ auspicious͏͏ days͏͏ for͏͏ weddings͏͏ in͏͏ November,͏͏ which͏͏ is͏͏ almost͏͏ an͏͏ all-time͏͏ high.”
Weddings͏͏ Driving͏͏ Sales
In͏͏ India,͏͏ weddings͏͏ often͏͏ lead͏͏ to͏͏ significant͏͏ purchases,͏͏ and͏͏ cars͏͏ are͏͏ high͏͏ on͏͏ that͏͏ list.͏͏ Families͏͏ see͏͏ it͏͏ as͏͏ an͏͏ auspicious͏͏ time͏͏ to͏͏ buy͏͏ new͏͏ vehicles,͏͏ either͏͏ as͏͏ gifts͏͏ or͏͏ for͏͏ personal͏͏ use.͏͏ Banerjee͏͏ is͏͏ hopeful͏͏ that͏͏ this͏͏ cultural͏͏ phenomenon͏͏ will͏͏ translate͏͏ into͏͏ robust͏͏ retail͏͏ sales.͏͏ “We͏͏ are͏͏ pretty͏͏ hopeful͏͏ that͏͏ it͏͏ will͏͏ give͏͏ us͏͏ good͏͏ traction͏͏ in͏͏ terms͏͏ of͏͏ our͏͏ retail͏͏ sales,”͏͏ he͏͏ said.
Record-Breaking͏͏ October
Maruti͏͏ Suzuki’s͏͏ October͏͏ sales͏͏ broke͏͏ previous͏͏ records,͏͏ surpassing͏͏ the͏͏ 1,91,476͏͏ units͏͏ sold͏͏ in͏͏ October͏͏ 2020.͏͏ The͏͏ festive͏͏ season͏͏ played͏͏ a͏͏ significant͏͏ role͏͏ in͏͏ this͏͏ surge.͏͏ “We͏͏ had͏͏ a͏͏ growth͏͏ of͏͏ 22.4%͏͏ in͏͏ October,”͏͏ Banerjee͏͏ highlighted.͏͏ This͏͏ growth͏͏ isn’t͏͏ just͏͏ a͏͏ blip;͏͏ it’s͏͏ part͏͏ of͏͏ a͏͏ consistent͏͏ trend.͏͏ From͏͏ April͏͏ to͏͏ October,͏͏ the͏͏ company͏͏ has͏͏ seen͏͏ cumulative͏͏ retail͏͏ sales͏͏ growth͏͏ of͏͏ nearly͏͏ 4%.
Maintaining͏͏ the͏͏ Momentum
The͏͏ company͏͏ is͏͏ optimistic͏͏ about͏͏ sustaining͏͏ this͏͏ growth͏͏ throughout͏͏ the͏͏ fiscal͏͏ year.͏͏ “At͏͏ the͏͏ beginning͏͏ of͏͏ the͏͏ year,͏͏ it͏͏ was͏͏ projected͏͏ that͏͏ the͏͏ growth͏͏ would͏͏ be͏͏ around͏͏ 4%͏͏ to͏͏ 5%.͏͏ I͏͏ think͏͏ it͏͏ will͏͏ be͏͏ in͏͏ line͏͏ with͏͏ that,”͏͏ Banerjee͏͏ stated.͏͏ With͏͏ the͏͏ additional͏͏ boost͏͏ from͏͏ the͏͏ wedding͏͏ season,͏͏ they͏͏ might͏͏ even͏͏ surpass͏͏ these͏͏ projections.
An͏͏ interesting͏͏ point͏͏ Banerjee͏͏ touched͏͏ upon͏͏ was͏͏ inventory͏͏ levels.͏͏ After͏͏ the͏͏ festive͏͏ sales͏͏ rush,͏͏ Maruti͏͏ Suzuki͏͏ managed͏͏ to͏͏ reduce͏͏ its͏͏ network͏͏ stock͏͏ by͏͏ over͏͏ 40,000͏͏ units.͏͏ “We͏͏ calibrated͏͏ our͏͏ production͏͏ supplies,͏͏ and͏͏ now͏͏ our͏͏ network͏͏ stock͏͏ is͏͏ almost͏͏ one͏͏ month.͏͏ We’ve͏͏ been͏͏ able͏͏ to͏͏ bring͏͏ network͏͏ stock͏͏ to͏͏ 30͏͏ days,”͏͏ he͏͏ explained.͏͏ This͏͏ efficient͏͏ inventory͏͏ management͏͏ helps͏͏ the͏͏ company͏͏ align͏͏ production͏͏ with͏͏ demand,͏͏ reducing͏͏ excess͏͏ stock͏͏ and͏͏ associated͏͏ costs.
Price͏͏ Hike͏͏ on͏͏ the͏͏ Horizon?
With͏͏ the͏͏ end͏͏ of͏͏ the͏͏ year͏͏ approaching,͏͏ there’s͏͏ speculation͏͏ about͏͏ potential͏͏ price͏͏ hikes͏͏ in͏͏ the͏͏ automotive͏͏ industry.͏͏ Banerjee͏͏ was͏͏ cautious͏͏ on͏͏ this͏͏ front.͏͏ “Our͏͏ finance͏͏ team͏͏ is͏͏ examining͏͏ that,͏͏ and͏͏ it͏͏ is͏͏ too͏͏ early͏͏ for͏͏ me͏͏ to͏͏ give͏͏ a͏͏ comment,”͏͏ he͏͏ remarked.͏͏ Any͏͏ decision͏͏ on͏͏ pricing͏͏ will͏͏ likely͏͏ consider͏͏ factors͏͏ like͏͏ input͏͏ costs,͏͏ market͏͏ demand,͏͏ and͏͏ competitive͏͏ dynamics.
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