Auto sales enter slow lane in May, expected to bounce back in the festive season

In May, automobile sales slowed down due to heatwaves, election uncertainties, and a high base effect. Maruti Suzuki's sales grew 4.4% year-on-year, but this was lower than the 13.8% growth seen in May 2023. Hyundai Motor India and Tata Motors also saw modest growth, while Mahindra and Mahindra and Toyota India experienced significant increases in sales. Industry leaders expect a sales rebound post-election and with a good monsoon forecast. The auto sector's growth aligns with India's 8.2% GDP rise in 2023-24.