Auto Sales January 2024: Honda Domestic Demand Sees 38% YoY Growth

Honda had impressive sales figures in January, marking a strong start to the year. The company sold a remarkable 4,19,395 units in total, registering a significant 41.51% year-on-year (YoY) growth compared to January 2023. This positive momentum was fueled by both domestic and export markets.

In the domestic market, HMSI witnessed a surge in demand, selling 3,82,512 units, a 38% YoY growth. This translates to a substantial 1,04,369 units sold compared to the same period last year. This positive trend can be attributed to several factors. Honda had quite a few new launches in the year to keep its customers engaged. Small but functional updates to the Activa, the new Shine 100 and Dio 125, did contribute well in this regard.

Honda's export performance in January was even more impressive, witnessing a staggering 102.43% YoY growth. The company exported a remarkable 36,883 units, compared to just 18,220 units in the same month last year.

Compared to December 2023, HMSI's overall sales witnessed a healthy 32% month-over-month (MoM) growth. With this positive trend we expect continued momentum throughout the year. Domestic sales also saw a commendable 34% MoM growth.

To keep pace with the rising demand, HMSI inaugurated its third assembly line at its Vithalapur plant in Gujarat. This new line will add an additional 6.5 lakh units to the company's annual production capacity, ensuring they can meet the growing needs of both domestic and international customers.

Honda's strong performance in January 2024 sets a positive tone for the year ahead. With new product launches, expanding production capacity, and a focus on both domestic and international markets, Honda is well-positioned to maintain its growth trajectory.