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<ul class="summary-list"><li>Stock indexes retreated as investors digested Thursday commentary from Fed Chair Jerome Powell.</li><li>The odds of a 25-basis-point rate cut in December fell sharply after Powell's address.</li></ul>US equities slumped Friday morning as Wall Street pulled back rate-cut expectations for December.The scaling-back started on Thursday afternoon after Federal Reserve Chair Jerome Powell indicated that central bank will take its time in easing policy, citing ongoing US economic strength."The economy is not sending any signals that we need to be in a hurry to lower rates," he said.The odds of a 25-basis-point rate cut fell to less than 60% shortly after Powell's comments, down from 80%, as calculated by the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>. The probability remained lower, around 58%, on Friday morning.Also impacting rate-cut expectations is a streak of encouraging economic data. New figures on Friday showed US retail sales advanced in October, boosted by a jump in autos purchases.While the three major indexes headed for their first losing week since the election, bond yields climbed. The 2-year yield — most sensitive to near-term rate forecasts — has risen 7 basis points in the last two days.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,905.37, down 0.7%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,547.05, down 0.5% (213 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,859.96, down 1.3%</li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bubble-crash-prediction-bull-market-drivers-top-2024-11?_gl=1*1wkitcm*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMTY3NDUwNC44NDAuMS4xNzMxNjc4ODMzLjU1LjAuMA..">3 stock market rally drivers are hitting extremes and pointing to low returns</a>, David Rosenberg said.</li><li>David Einhorn is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/david-einhorn-greenlight-capital-cnh-stock-value-buy-agriculture-inflation-2024-11?_gl=1*jv6vk7*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMTY3NDUwNC44NDAuMS4xNzMxNjc4OTczLjE1LjAuMA..">loading up on a CNH Industrial</a>, a cheap agricultural stock 'no one cares about.'</li><li>Investors underestimate how deep <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-2025-trump-tariff-inflation-growth-2024-11?utm_medium=ingest&amp;utm_source=markets">rate cuts will be in 2025</a>, Goldman Sachs says.</li><li>China's weak economy and record US production will lead to a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-outlook-supply-crude-prices-us-production-china-opec-2024-11?_gl=1*1he4945*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjcwLjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">surplus</a> of one million barrels of oil a day next year, IEA says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil markets were down. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate crude</a> slid 0.96% to $68.04 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 0.94% to $71.88 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> stayed essentially flat at $2,572 an ounce.</li><li>The 10-year Treasury climbed 4 basis points to 4.459%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 2.28% to $90,053.</li></ul>

Stock market today: Indexes tumble after Fed comments dent December rate-cut odds

New Delhi, <keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Friday said its total wholesales increased by 21 per cent year on year to 70,576 units in November. The Mumbai-based automaker had dispatched 58,303 units in November 2022. Utility vehicle dispatches stood at 39,981 units last month, an increase of 32 per cent over 30,238 units in the year-ago period, <keyword id="45224" type="General" weightage="20" keywordseo="mahindra" source="Orion">Mahindra</keyword> &amp; Mahindra (M&amp;M) said in a statement. Exports, however, declined 42 per cent last month to 1,816 units as compared to 3,122 units in November 2022. "We continue our growth trend, backed by strong demand for our SUV portfolio...While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," M&amp;M President Automotive Division Veejay Nakra said. M&amp;M said its tractor wholesales stood at 32,074 units in November as compared to 30,528 units in the year-ago period. Exports, however, declined to 1,005 units last month from 1,348 units in November 2022. "The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali," M&amp;M President-Farm Equipment Sector Hemant Sikka said. Terms of trade continue to be favourable for farmers, while rural spending by the government and progress in rabi sowing are the factors to watch out for, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-december-2023/slidelist/105645843.cms">From Tata Punch EV to Lamborghini Revuelto, cars set to launch in India in December</a> <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Mahindra sales rise 21% to 70,576 units in November

<ul class="summary-list"><li>Electric cars have hit a major speed bump in Europe.</li><li>According to industry data, EV sales fell 44% in August as demand cooled across the continent.</li></ul>Europe is facing plunging sales of electric vehicles — and the continent's struggles are a warning sign for the US.Registrations fell by nearly 44% in August compared with the same month last year, according to the European Automobile Manufacturers' Association. The slump was driven by a 69% decline in Germany, Europe's biggest car market and economy.The cooling demand has led to questions over whether European automakers can meet the European Union's ambitious climate goals, which require all new cars to be zero-emission by 2035.It's also put pressure on EV companies and their suppliers. One of Europe's key battery manufacturers, Northvolt, announced on Monday <a target="_blank" class="" href="https://www.businessinsider.com/northvolt-european-battery-startup-cutting-jobs-sweden-ev-tesla-2024-9">it will lay off 1,600 employees</a> and scale back its expansion plans to focus on existing customers.<h2 id="03606594-0832-457a-a25e-b3bc29e8114e">EVs hit a speed bump</h2>Europe's EV industry is suffering from a complex mixture of challenges, auto industry analysts told Business Insider.In Germany, home to a massive Tesla gigafactory and a famous automotive tradition, demand has been hit by a government decision to phase out subsidies for EVs in December 2023.William Roberts, automotive research lead at battery consultancy Rho Motion, described the decision to pull the country's EV subsidies with barely a week's notice as a "shock removal" that, coupled with <a target="_blank" class="" href="https://www.businessinsider.com/us-vs-china-economy-europe-global-decoupling-wall-street-markets-2024-">weak economic conditions,</a> has severely dented consumer sentiment in Germany and the rest of the EU.A lack of affordable electric vehicles has not helped the situation. Although EU customers do have access to some EVs that are <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-cars-you-can-buy-in-europe-not-us-2024-9">not available in the US,</a> Roberts said most still fall into the premium category.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI: "There are only a handful of models that you could really say are mass market, and even those are quite a bit more expensive than their gasoline counterparts."The lack of affordable models is unlikely to be helped by the EU's proposed tariffs on China-made EVs, which include a <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">17% tariff on BYD vehicles and 9% on Teslas</a> imported from China.Roberts said that's probably not great news for drivers. "If the consumer is just looking for the cheapest possible EV, then at the moment, that would probably be satisfied by an imported Chinese vehicle."<h2 id="f811f30f-e910-4869-9a83-5e59c6307df5">Supply chain struggles</h2>Europe has also faced difficulties in developing its EV supply chain, with many <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-11/vw-s-german-factory-closures-highlight-wider-problems-for-europe-s-carmakers">factories left with under capacity</a> and startups such as Northvolt struggling after the demand slowdown hit their ambitious expansion plans."I think for Northvolt there was a sense of over-optimism and over-ambitiousness, when you compare their plans to where some of the manufacturers are," Khoo said.Roberts said Europe has suffered from a patchwork attempt to encourage EV demand and build out its supply chain."The EU is not a federal government like the US — they can't blanket provide huge incentives and subsidies and have every country take them up," he said."So the supply chain is always going to be a bit more fragmented, and that's going to lead to difficulties when you're all trying to move towards one target as a bloc."<h2 id="62b2ae38-d830-442a-bdde-324e3689eed4">A warning for the US</h2>The struggles faced by Europe provide a warning sign to the US, which lags behind its cross-Atlantic neighbor in EV adoption.Electric cars accounted for 25% of new vehicle sales in Europe last year, compared to just 10% in the US, <a target="_blank" class="" href="https://www.iea.org/reports/global-ev-outlook-2024/trends-in-electric-cars">according to IEA data</a>.Like Europe, few affordable EV models are on sale in the US, which experts have suggested has <a target="_blank" class="" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10">contributed to a slowdown in demand</a> in recent months.Key EV factories and infrastructure have also been delayed as automakers rethink their EV plans and shift focus to hybrids. Ford is halting production of a new electric pickup at a planned factory in Tennessee, and GM is delaying an EV battery plant in Indiana.<a target="_blank" class="" href="https://www.businessinsider.com/what-trump-presidential-victory-could-mean-for-evs-tesla-musk-2024-7">Consumers face concerns over subsidies with the election</a> looming, too.Trump and his running mate, JD Vance, have cast doubt over whether the $7,500 tax credit for purchasing a new EV, introduced by Joe Biden's Inflation Reduction Act, will continue if they win the presidential election in November.The prospect of crucial subsidies being suddenly removed, as in Germany, could have an equally chilling effect on America's EV industry. However, Roberts said while the US will likely face its own pressures down the line, it has a significant supply chain advantage over the EU."There's a lot more funding available," he said. "If that's used correctly to build out the supply chain, then that can have a much more positive impact than in Europe, where the funding for the supply chain has been a lot more reliant on just the private sector."Still, "I'd argue the US is still in an early adopter phase when it comes to EVs. You'd be silly to not take these warning signs from anyone further ahead of you in the curve," he added.

EV sales in Europe hit a speed bump — and the US should be worried too

<ul class="summary-list"><li>Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer.</li><li>Some companies have hinted at the idea of shifting their dealer involvement in future EV sales.</li></ul>Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place.More than one-third of executives in the car business don't believe an agency model (or direct-to-consumer sales like Tesla does) will find its way to US car buying, according to a <a href="https://www.businesswire.com/news/home/20230807669740/en/Majority-of-Automakers-Expect-New-Vehicle-Gross-Margins-to-Remain-Above-Pre-Covid-Levels-Though-Dealership-Profits-Are-Projected-to-Decline">Kerrigan Advisors study released earlier this week</a>. About 43% were unsure about the new way of doing things materializing, and only 22% were optimistic it could happen. The dealer consultancy surveyed more than 115 car company executives between December 2022 and May 2023Tesla has <a href="https://www.businessinsider.com/white-house-address-tesla-direct-sales-2014-3">always operated with a direct-to-consumer model</a>, eliminating the need for a middleman — in this business, dealers — and allowing customers to buy vehicles directly from its site with no room for haggling on the price. Buyers can pick up their Teslas at a Tesla showroom (notably not a formal dealership), but transactions aren't typically done there. <a href="https://www.businessinsider.com/electric-vehicle-startups-direct-sales-rivian-lucid-tesla-revenue-2022-11">Other EV startups have followed suit</a>.Meanwhile, <a href="https://www.businessinsider.com/ev-electric-vehicle-startups-lack-critical-tool-to-compete-traditional-automakers-2023-2">traditional automakers have primarily leaned on dealers</a> to work with car buyers, serve as a negotiator over <a href="https://www.businessinsider.com/car-dealers-reveal-industry-secrets-buying-tips-tiktok-2023-3">price and terms</a>, and be a stable source for vehicle service. This also helps companies mark a car as "delivered" and collect payment as soon as it hits a dealer lot but potentially before it's in a customer's hands. Some car companies have hinted at experimenting more with an agency model, limiting the role of dealers and giving consumers what they say is a more straightforward buying experience, especially with more uptake of electric vehicles.<a href="https://www.reuters.com/business/autos-transportation/bmw-plans-direct-sales-its-cars-cfo-tells-newspaper-2022-11-03/">BMW's CFO, for example, told Reuters last fall</a> the company wants to give customers a direct ordering option. <a href="https://www.kbb.com/car-news/ford-ceo-wants-future-of-online-sales-fixed-car-prices/"></a>During the company's late-July earnings call, <a href="https://www.kbb.com/car-news/ford-ceo-wants-future-of-online-sales-fixed-car-prices/" target="_blank" rel="noopener">Ford CEO Jim Farley</a> said Ford's EV business (coined Model e) has already moved to "a differentiated model that will deliver non-negotiated price, a simple shopping and ownership experience and remote services." <h2>Automaker demands put some dealers on the chopping block</h2>But it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis <a href="https://www.businessinsider.com/desantis-law-bans-direct-to-consumer-car-sales-tesla-exception-2023-6">banned direct-to-consumer car sales in the state</a>, with the exception of Tesla and EV startups that never had franchised dealers. As is, <a href="https://www.businessinsider.com/lucid-texas-lawsuit-ev-market-dealership-sales-store-2022-11">EV startups have had to battle franchise laws in each state</a> in which they want to set up shop.As automakers spend billions of dollars to electrify in the coming years — and <a href="https://www.businessinsider.com/ford-ev-production-slow-thanks-to-tesla-price-war-2023-7">lose billions while adoption is still ramping up</a> — they're asking dealers to make substantial investments in their stores. Kerrigan experts have suggested <a href="https://www.cnbc.com/2023/06/03/how-ford-gm-auto-dealers-are-thinking-about-detroits-ev-future.html">this might be one way auto manufacturers are attempting to push out</a> their dealerships amid the EV transition. Yet, these auto companies also want their dealers around in some capacity to service all the EVs they're hoping to get on the roads in the coming years.<h2>Auto retail has no choice but to change, but the question remains: To what extent</h2><a href="https://www.businessinsider.com/car-dealerships-shopping-inventory-prices-incentives-2023-1" rel="">That's all to say that car-buying just isn't what it used to be</a>, and the <a href="https://www.businessinsider.com/car-buying-shopping-tips-dealers-inventory-pricing-interest-rates-pandemic-2023-3" rel="">modern car-shopping experience</a> has shifted quite a bit. It's also clear that <a href="https://www.businessinsider.com/electric-cars-killing-car-dealership-as-we-know-it-2023-1">EVs are changing the auto dealership as we know it</a>, and <a href="https://www.businessinsider.com/car-dealers-face-identity-crisis-tesla-threat-2023-3">Tesla is, in fact, influencing the industry to transform</a>.But auto retail tech firm <a href="https://cms.cdkglobal.com/sites/default/files/2023-05/CDK_Global_Trendsetters_2023W.pdf" target="_blank" rel="noopener">CDK Global found that while 46% of dealers felt unprepared to handle a shift to direct-to-consumer this year</a> (up from 19% feeling unprepared in 2022), only 10% are actually concerned automakers will attempt to make the switch (fewer than the 12% that were concerned last year). <a href="https://www.businessinsider.com/tesla-shopping-experience-big-advantage-adam-jonas-2023-6">Many customers are interested in the "Teslafied" way of doing things</a>, but others will always need a brick-and-mortar store."There are ways to get consumers the feeling of more buying online and the direct-to-consumer type of experience" without full commitment to the agency model, Jessica Caldwell, executive director of insights at Edmunds, said. But, "It does feel like the balance hasn't quite been found yet."Meanwhile, the percent of car-buyers who order their vehicles entirely online still remains very low, according to CDK. "Because of the supply problems that have happened for three or so years, people got really used to ordering from a factory and ordering in-transit — but they did it at the dealership," Dave Thomas, CDK director of content marketing, told Insider.EVs were "going to be the catalyst to jumpstart an agency-type environment," he added, but the need for in-person EV education has kept buyers coming back in-person, at least for now.

Auto execs still don't think the Tesla sales model will catch on

<ul><li>Shares of <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> surged almost 4% on Monday as the automaker has now become the second largest car seller in India.</li><li>Tata Motors has surpassed <keyword id="596" type="General" weightage="20" keywordseo="hyundai" source="Orion">Hyundai</keyword> in terms of sales growth in December.</li><li>It is also the highest ever monthly sales for the Mumbai-based car manufacturer in December 2021.</li></ul>Tata Motors’ shares are on a high on the first day of trading this year, with its share price rising as much as 4% on excitement of the company achieving the tag of the ‘second largest car maker in the country’ beating Hyundai. The Mumbai-based company has surpassed Hyundai, who was the second largest auto seller until now, in terms of car sales in December. With the likes of Nexon, Tiago, Tigor and Harrier and several others, the automaker has recorded the highest ever monthly sales in December. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car manufacturers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Domestic December sales 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year-on-Year % change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,53,149 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors (PV) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35,299 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyundai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32,312 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra (CV + PV + 3-wheeler) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36,140 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Toyota </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,832 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,973 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,797 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-34% </td></tr></tbody><tbody></tbody></table>Note: CVs are commercial vehicles and PVs are passenger vehicles. However, the South Korean car maker Hyundai is still ahead of Tata Motors if we add the sales of both Hyundai and <keyword id="6372046" type="General" weightage="20" keywordseo="kia" source="Orion">Kia</keyword>, which is also owned by Hyundai. The car maker managed to sell a higher number of cars despite witnessing a shortfall in production due to the ongoing semiconductor crisis. “The ever-increasing demand for Nexon EV and Tigor EV as well as progressive revival of the EV [electric vehicles] fleet segment were instrumental in driving this steep growth,” said Shailesh Chandra, president of passenger vehicles business unit at Tata Motors in an exchange filing. <div type="image" title="tata motor" height="900" width="1200" msid="88660301" hostid="261"></div>Good demand on the newly launched Tata Punch also helped the company boost its overall sales. “The overwhelming market response to Tata Punch launched in October 2021 is further boosting demand for the company’s “New Forever” range of cars and SUVs [sports utility vehicles],” added Chandra. Not to forget, the company’s booming electric vehicle business, which is adding to the excitement around electric cars. The company recorded a new sales peak of 5,592 units of electric vehicles in the third quarter of FY22, which is a growth of 345% year-on-year. However, the excitement around the rising sales may not remain long as the company admits it is cautious as the semiconductor shortage continues along with rising covid cases. “Going forward, we expect the situation to remain fluid as the semiconductor shortage continues, instances of COVID begin to rise and underlying demand continues to remain under pressure,” said Girish Wagh, executive director at Tata Motors in an exchange filing. 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