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<ul><li>The Indian electric two-wheeler market has reported a year-on-year decline in sales.</li><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> continues to lead the market but its market share has declined.</li><li>TVS Motor and Bajaj Auto occupy the second and third spots respectively.</li></ul>The Indian electric two-wheeler market recorded good growth in November 2024, recording the third-best month this year. The month of November was good for Indian electric two-wheeler makers, which comes as a treat after a record-breaking festive month of October 2024. October 2024 emerged as the best month for automakers in 2024, with 1,39,783 electric two-wheelers sold during the month. In November 2024, 1,18,924 electric two-wheelers were sold in India, up from 92,116 electric two-wheelers sold in November 2023, recording a 29% year-on-year growth. Electric two-wheelers continue to form the bulk of electric vehicle (EV) sales in India, with EV two-wheelers making up 62% of Indian EV sales in November 2024 in terms of numbers. <h2>Ola Electric leads, but market share declines</h2>Ola Electric continues to lead the Indian electric two-wheeler market with sales of 29,191 scooters in November 2024, down from 30,073 scooters sold in November 2023. The company’s market share continues to decline, with the company commanding a market share of 24.5% in November 2024, down from 33% in November 2023. The company has been under the scanner for<a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms"> rising customer complaints</a> and has also received a notice from the Central Consumer Protection Authority, the country’s consumer watchdog. While the company has said that it is rapidly expanding its service network, complaints on social media continue to pile up. <h2>TVS Motor and Bajaj Auto fight for the second spot</h2>India’s legacy automakers TVS Motor and Bajaj Auto continue to fight closely for the second spot. TVS Motor recorded a sale of 26,971 electric scooters in November 2024, up from 19,155 scooters sold in November 2023, recording a growth of 40.8%. The company’s market share has increased from 21% in November 2023 to 23% in November 2024. On the other hand, Bajaj Auto has emerged as a close third, with 26,163 electric scooters sold in November 2024, up from 11,843 electric scooters sold in November 2023, recording a 120.92% year-on-year growth. The company commands a 22% market share in November 2024, up from 20% in November 2023. It's not just the second spot, TVS Motor and Bajaj Auto are now inching close to Ola Electric and if the trend continues, may even dethrone the Bhavish Aggarwal-led company in the coming months. Ather Energy is in the fourth position, with 12,741 electric two-wheelers sold in November 2024, up from 9,342 scooters sold in November 2023, recording a 36.38% year-on-year growth. The company has slightly increased its market share from 10% in November 2023 to 11% in November 2024. Hero MotoCorp takes the fifth spot with 7,309 electric scooters sold in November 2024, up from 3,047 scooters sold in August 2023, recording a 139.88% year-on-year growth. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-13-with-snapdragon-8-elite-to-be-launched-globally-in-january/articleshow/115920790.cms">OnePlus 13 with Snapdragon 8 Elite to be launched globally in January</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-will-reportedly-launch-three-phones-in-2025-including-the-phone-3/articleshow/115891768.cms">Nothing will reportedly launch three phones in 2025, including the Phone (3)</a>

Electric two-wheeler sales grow in November 2024 – TVS and Bajaj fight for the second spot

Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

<ul><li>The Indian electric two-wheeler market has reported a slight month-on-month increase in sales.</li><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> continues to lead the market but its market share has declined.</li><li><keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="261" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="19938730" type="General" weightage="20" keywordseo="TVS-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor" meta.hostid="261" meta.entityid="TVS Motor">TVS Motor</keyword> occupy the second and third spots respectively.</li></ul> The Indian electric two-wheeler market has reported subdued sales in September 2024, with 88,156 <keyword id="20345883" type="General" weightage="20" keywordseo="electric-two-wheelers" source="keywords">electric two-wheelers</keyword> sold during the month, slightly up from 87,256 electric scooters sold in August 2024. While this is considerably lower than the 1,07,472 electric scooters sold in July 2024, there has been a 40% year-on-year growth when compared to the 63,184 electric scooters sold in September 2023. Electric two-wheelers continue to form the bulk of electric vehicle (EV) sales in India, with EV two-wheelers making up nearly 60% of Indian EV sales in September 2024 in terms of numbers. <h2>Ola Electric leads but with a lower share</h2>Bhavish Aggarwal-led Ola Electric continued to lead the Indian electric two-wheeler market with a 27% market share, which is considerably lower than the 39% share it enjoyed in July 2024. In August 2024, the company reported a 31% market share. The company sold 23,965 electric scooters in September 2024, up from 18,536 scooters sold in September 2023. However, this is lower than the 26,928 scooters the company sold in August 2024. Ola Electric has been plagued by customer complaints, with reports suggesting a surge in issues with its scooters. <h2>Legacy brands power through</h2>Bajaj Auto and TVS Motor, legacy two-wheeler brands have started inching closer towards Ola Electric, which once dominated the Indian electric two-wheeler market. Bajaj Auto, with its Chetak Electric scooter, has occupied the second spot for the first time, beating TVS Motor. The company recorded its highest-ever sales in September 2024 with 18,933 scooters sold, up from 7,107 scooters sold in September 2023, recording a 166% year-on-year growth. With this, the company now enjoys a 21.5% market share. TVS Motor on the other hand sold 17,865 electric scooters in September 2024, up from 15,523 scooters sold in September 2023, recording a 15% year-on-year growth. With this, the company reported a 20.3% market share in September 2024. <keyword id="19938729" type="General" weightage="20" keywordseo="Ather-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="Ather Energy" meta.hostid="261" meta.entityid="Ather Energy">Ather Energy</keyword>, which is expected to soon raise funds through an initial public offering (IPO) sold 12,579 electric scooters in September 2024, up from 7,169 scooters sold in September 2023, recording a 75% year-on-year growth. <div type="Article" hostid="261" msid="113214971" title="Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI" mstype="2" mssubtype="0"></div> Ather Energy, which had a headstart in the Indian electric two-wheeler market has now been pushed to the fourth spot, with a market share of 14%. The next on the list is Hero MotoCorp, which is a major investor in Ather Energy. The company sold 4,174 electric scooters in September 2024, up from 533 scooters sold in September 2023, registering a 684% year-on-year growth. Despite its late entry into the EV segment, Hero MotoCorp already enjoys a 5% market share. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/bmw-ce-02-electric-scooter-launched-in-india-at-4-50-lakh/articleshow/113849708.cms">BMW CE 02 electric scooter launched in India at ₹4.50 lakh</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a>

Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain

New Delhi: <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">Auto industry</keyword> players are eyeing robust performance in the ongoing festive period to lift overall consumer sentiment and set the tone for the rest of the year amid slowing demand. The festive season usually commences with Onam and ends with Diwali every year. <keyword id="20034542" type="General" weightage="100" keywordseo="Kia-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Kia India" meta.hostid="153" meta.entityid="Kia India">Kia India</keyword> National Head of Sales and Marketing Hardeep Singh Brar told PTI that the last 3-4 months were not good for the industry as sales declined compared to the same period last year. "With pent-up demand of the last few months there and government investment starting to flow in, we feel things should start improving from here onwards," he noted. Brar said the booking momentum in September was good, which is a strong indication for October. "And this time, all festivals are in October..we expect about 5-10 per cent sales growth during the period as compared to last year," he added. Brar said that in the January-April period, the passenger vehicle industry witnessed a growth of 7 per cent, but in May-September, there was a dip of about 2-3 per cent, leading to the buildup of inventory. <keyword id="20505895" type="General" weightage="20" keywordseo="Nissan-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="Nissan Motor" meta.hostid="153" meta.entityid="Nissan Motor">Nissan Motor</keyword> India Managing Director Saurabh Vatsa said the entire industry is looking at the festive season to bring some cheer after witnessing tough three months. "I think it has been a challenging period. The festive period will define the quarter, and the third quarter will define what happens in the remaining part of the year," he said. Everybody is looking forward to the festive seasons, especially from the industry, he added. <keyword id="19967765" type="General" weightage="20" keywordseo="Toyota-Kirloskar-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota Kirloskar Motor" meta.hostid="153" meta.entityid="Toyota Kirloskar Motor">Toyota Kirloskar Motor</keyword> Vice President, Sales-Service-Used Car Business, Sabari Manohar said the company is witnessing enhanced footfalls and enquiries. "Key to meeting this rising demand has been our strategic operational improvements, such as the introduction of a third shift. This has significantly optimised our supply chain, particularly for high-demand models like the Urban Cruiser HyRyder, where waiting periods have been reduced," he said. Additionally, there is a clear shift in sentiment, with an increasing embrace of eco-friendly technologies, not only in urban areas but also in Tier II and Tier III markets, Manohar said. <keyword id="19909974" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="153" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword> India Senior Executive Officer (Marketing and Sales) Partho Banerjee said the company is trying to increase its sales by bringing in some limited edition models. He noted that during Ganesh Chaturthi and Janmashtami, the company witnessed good traction in sales and has been able to generate volumes as per the business requirements. <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="153" meta.entityid="Tata Motors">Tata Motors</keyword> Passenger Vehicles MD Shailesh Chandra said in its monthly sales statement that registrations have picked up pace towards the end of the month (September), which augurs well for the festive period ahead. "We remain focused on driving up consumer preference for our exciting range of vehicles while maintaining the health of our dealer network," he added.

Carmakers expect festive period to bring in robust sales, improve overall buyer sentiment

<ul><li>The overall <keyword id="20028264" type="General" weightage="20" keywordseo="passenger-vehicle-sales" source="keywords">passenger vehicle sales</keyword> declined in September 2024, the third consecutive month to record a decline.</li><li>After a close battle in August, <keyword id="20480977" type="General" weightage="20" keywordseo="Mahindra-and-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Mahindra and Mahindra" meta.hostid="261" meta.entityid="Mahindra and Mahindra">Mahindra and Mahindra</keyword> has taken the third spot from <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword>.</li><li><keyword id="19965528" type="General" weightage="20" keywordseo="Honda" source="keywords" meta.keywordsubtype="org" meta.entityname="Honda" meta.hostid="261" meta.entityid="Honda">Honda</keyword> has recorded the highest year-on-year decline in sales.</li></ul> The Indian passenger vehicles segment reported a decline in sales for the third consecutive month in September 2024, amid reports of rising inventory at dealerships. To address the issue, Car makers have started to reduce dispatches to dealerships. The total domestic PV sales slipped to 3,58,886 vehicles in September 2024, down from 3,62,876 vehicles in September 2023, registering a 1.1% year-on-year decline. <h2>Automakers report a decline</h2><keyword id="19909974" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="261" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword>, the country’s biggest automaker took a hit in September 2024, with 1,44,962 cars sold, down from 1,50,812 cars sold in September 2023, recording a 3.88% year-on-year decline in sales. <div type="Article" hostid="261" msid="113816837" title="PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles" mstype="2" mssubtype="0"></div> Despite the decline in sales, Maruti Suzuki continues to enjoy a lion’s share in the Indian auto segment, with a 40% market share. <keyword id="19906087" type="General" weightage="20" keywordseo="Hyundai" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai" meta.hostid="261" meta.entityid="Hyundai">Hyundai</keyword> is next with 51,101 cars sold during September 2024, down from 54,241 cars sold in September 2023, recording a 5.79% year-on-year decline in sales. <h2>Mahindra and Mahindra overtakes Tata Motors</h2>After emerging as a close fourth in August, Mahindra and Mahindra has managed to overtake Tata Motors in September 2024. The company received a boost in sales in September 2024, with 51,062 cars sold, up from 41,267 cars sold in September 2023, recording a 23.74% year-on-year growth. Tata Motors sold 41,065 vehicles in September 2024, down from 44,850 vehicles sold in September 2023, recording an 8.44% decline in sales. Toyota takes the fifth spot with 23,802 cars sold in September 2024, up from 22,168 cars sold in September 2023, recording a 7.37% growth. <keyword id="20034542" type="General" weightage="20" keywordseo="Kia-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Kia India" meta.hostid="261" meta.entityid="Kia India">Kia India</keyword> is next with 23,523 cars sold in September 2024, up from 20,022 cars sold in September 2023, recording a 17.49% increase in sales. Honda recorded the biggest decline, with 5,675 cars sold in September 2024, down from 9,861 cars sold in September 2023, registering a 42.45% year-on-year decline in sales. MG Motor recorded an 8.3% decline in sales, with 4,588 cars sold in September 2024, down from 5,003 cars sold in September 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/kia-ev9-electric-suv-launched-in-india-at-1-3-crore/slidelist/113906569.cms">Kia EV9 electric SUV launched in India at ₹1.3 crore</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a>

September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors

<keyword id="19906967" type="General" weightage="100" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> is looking to consolidate its position in the <keyword id="20027167" type="General" weightage="20" keywordseo="SUV" source="keywords">SUV</keyword> segment as it marks its entry into the highly competitive mid-size space which is currently dominated by South Korean and Japanese carmakers. The Mumbai-based auto major on Monday launched a midsize SUV coupe <keyword id="20400827" type="General" weightage="20" keywordseo="Curvv" source="keywords">Curvv</keyword> with petrol and diesel powertrains with a price starting at Rs 9.99 lakh. The company has already unveiled the electric version of the model in August. The model would be competing with the likes of <keyword id="2883300" type="General" weightage="20" keywordseo="Hyundai-Creta" source="Orion">Hyundai Creta</keyword>, <keyword id="7720018" type="General" weightage="20" keywordseo="Kia-Seltos" source="Orion">Kia Seltos</keyword>, Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, and Honda Elevate, among others. "Curvv is being positioned in the fast-growing, mid-size SUV segment, which is roughly 16% of the whole industry (passenger vehicle) size. If translated into numbers, it would be like 7 lakh units a year," Tata Motors Passenger Vehicle MD Shailesh Chandra told PTI in an interaction. The segment is very competitive with various brands having a product already in the market, he noted. Therefore, if one enters this segment so late, then it will have to think of coming up with a slightly differentiated approach, Chandra said. "And that was the thinking behind Curvv, which comes with an SUV coupe body style. We saw that this was gaining popularity globally, especially in the premium or luxury segment," he added. Further, he said: "So we thought, why don't we bring this into the crowded segment as a fresh, refreshing kind of a body style." When asked about sales expectations from the model, Chandra said: "We have come with this model, with the best in class features. It's a differentiated product in this and therefore we think it is going to perform well." He noted that Tata Motors currently has a market share of around 19% in the SUV segment and expects the new model to help it grow further. "We'll gain from where we are. The market leader in SUVs would be, say, 21-22 %, so it's a crowded segment. It's not that one player is holding the roost here. "All the top 3-4 players in SUVs are around the same market share figure," Chandra said. He noted that the company is also looking to enhance its dealer network by around 10-15 % in the next one year. "We have a very aggressive plan of expanding dealerships. We will need to have an enhanced network. We will have to make them bigger, also in size. And therefore, for EVs, we have started separation of the outlets. So there will be expansion in touchpoints, not only on the sales side, but big time on the service side as well," Chandra said. <keyword id="20400828" type="General" weightage="20" keywordseo="tata-curvv" source="keywords">Tata Curvv</keyword> comes with two petrol and a diesel engine option. "The introduction of the Curvv further enhances our SUV portfolio as a comprehensive mid-SUV product with multiple powertrains, several first-in-segment features, a brand new capable architecture - ATLAS and Level 2 ADAS," Chandra said. Besides Curvv, Tata Motors sells models like Punch, Nexon, Harrier and Safari in the domestic market.

Tata Motors eyes gains in SUV space as it drives in its Curvv

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul><li><keyword id="19897349" type="General" weightage="20" keywordseo="ola-electric" source="keywords">Ola Electric</keyword> has come under the scanner after a surge in customer complaints.</li><li>The company’s sales and market share have also been declining.</li><li>The government has reportedly issued a show cause notice to <keyword id="19945904" type="General" weightage="20" keywordseo="ola" source="keywords">Ola</keyword> Electric.</li></ul>Ola Electric was once considered the most promising electric automaker in the country, from dominating the electric two-wheeler with its electric scooters to introducing multiple electric bikes simultaneously. The company had many things going for it, hosting a vast distribution network via its cab-hailing platform and a conducive policy environment that incentivised the growth of EVs. But within a few years of its launch, somewhere something seems to have gone awfully wrong! The Bhavish Aggarwal-led company has recently been in the news for all the wrong reasons, from the company’s founder engaging in an online spat with comedian Kunal Kamra to customers taking to social media to complain about their scooters. But that’s not where the company’s problems end. One of the seemingly direct effects of the rise in customer complaints has been subdued sales in recent months. Besides this, the company has also come under the government’s scanner. <h2>Surge in complaints</h2>According to a recent report, Ola Electric recently formed a new service team to deal with the surge in customer complaints. As per the report, the electric two-wheeler maker is receiving as many as 80,000 customer complaints per month, overwhelming its service infrastructure. <div type="Article" hostid="261" msid="113699039" title="Ola Electric plans to expand sales and service infra to 10,000 outlets by 2025-end" mstype="2" mssubtype="0"></div> The high number of complaints reportedly resulted in high wait times for customers, resulting in growing customer dissatisfaction, which is regularly played out on social media. <h2>Declining market share</h2>It’s not just social media, the company’s market share has also been on the decline along with its sales. From nearly a 50% market share in April 2024, the company’s market share declined to 27% in September 2024. While the company still leads the Indian electric two-wheeler market, legacy automakers like Bajaj Auto and TVS Motor are closing in. While Bajaj Auto reported a 21.5% market share in September 2024, TVS Motor reported a 20.3% market share. From occupying nearly half of the market, Ola Electric has now been restricted to a quarter and by the looks of it, the company may not even be able to hold the top position by the end of the year if the current trend continues. <h2>Ola Electric comes under the government’s scrutiny</h2>Amid rising complaints, Ola Electric has also come under the government’s scanner. The Central Consumer Protection Authority (CCPA), India’s consumer watchdog issues a show-cause notice to Ola Electric over potential violations of the Consumer Protection Act (2019). According to a report, The National Consumer Helpline (NCH) run by the Department of Consumer Affairs has received 10,644 complaints against Ola Electric since September 2023. When the NCH approached Ola Electric, the body was reportedly met with apathy by the company. Out of the 10,644 complaints, 3,389 relate to delays in providing service to the vehicles, 1,899 are around delivery delays for new vehicles and 1,459 customers have complained about services that were promised but not provided. According to a report by CNBCTV-18, CCPA chairman Nidhi Khare has said the complaints against Ola Electric have been classified in 10 categories, including “delayed and unsatisfactory service”, “refusal or delay in warranty services”, “recurrent defects despite services”, “unprofessional conduct and complaint closure” and more. <h2>A customer’s harrowing experience</h2>Business Insider India spoke to Mr Rakesh (name changed), an Ola Electric customer who has been facing issues with his Ola S1 Pro. The customer paid for the vehicle in August 2023 and the scooter was delivered in January 2024, after a five-month wait. The first issue that the customer faced was that despite the scooter only being delivered in January 2024, the scooter’s warranty began in August 2023, depriving the customer of five months of warranty. Not just this, the vehicle’s insurance began in November 2023, two months prior to the delivery. While this is a concerning issue, this was the least of the customer’s problems. <div type="image" title="1" msid="114120836" hostid="261" sizebytes="68242" caption="&amp;lt;p&amp;gt;The Ola S1 Pro being towed&amp;lt;/p&amp;gt;"></div> As per the customer, his scooter repeatedly faced issues, not even turning on at times. Rakesh said that he was forced to restart his vehicle four to five times a day just to be able to use it and if this didn’t work, he was forced to remove and re-insert a plug placed under the seat. However, even this failed several times and in less than eight months of usage, Rakesh was forced to get his vehicle towed to the service centre multiple times with the help of roadside assistance (RSA). He claimed that he faced the issue nearly 30 times so far. He further said that the scooter has spent the majority of its time at the service centre, which is extremely disappointing after spending over ₹1.6 lakh on a vehicle. <div type="image" title="2" msid="114120876" hostid="261" sizebytes="65944" caption="&amp;lt;p&amp;gt;The Ola S1 Pro being towed again&amp;lt;/p&amp;gt;"></div> At the service centre, the service executives were unable to find the exact cause of the issue. To try and solve the issue, the scooter’s control unit was reportedly changed twice and there were multiple software updates. Rakesh has had a disappointing experience so far, especially with the service executives being unable to diagnose the issue and him having to repeatedly visit the service centre. <h2>A wake-up call?</h2>Many users on the internet have labelled Ola vehicles as subpar and not fit for this competitive market that’s growing rapidly. The initial marketing was good, helping the company conquer almost half of the market share. But a bad quality product can dent the reputation of a company severely in the long run. This must serve as a wake-up call for <keyword id="1543567" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="Orion">Bhavish Aggarwal</keyword> and everyone at Ola Electric and the consumers hope that the company not only works on improving its quality control but also overhauls its service infrastructure to more efficiently diagnose and solve issues with their vehicles. During an interaction early in the company’s journey, Aggarwal once said that he hopes to sell around 1.5 lakh to 2 lakh scooters a month, which is close to what one of the popular petrol scooters manages to do each month. While this dream looked achievable at one time, the journey now seems quite tedious. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/auto/news/pm-e-drive-scheme-with-10900-crore-outlay-announced-for-electric-vehicles/articleshow/113816837.cms">PM E-DRIVE scheme with ₹10,900 crore outlay announced for electric vehicles</a>

You Searched For "kia motors market share" and got 8 results

Electric two-wheeler sales grow in November 2024 – TVS and Bajaj fight for the second spot

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Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain

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Carmakers expect festive period to bring in robust sales, improve overall buyer sentiment

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September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors

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Tata Motors eyes gains in SUV space as it drives in its Curvv

PTI

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

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The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?

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